Vital Football

Latest Liverpool FC News

Liverpool: Settlement Agreed With Previous Owners

Liverpool: Settlement Agreed With Previous Owners

Liverpool FC have confirmed that all parties involved in legal proceedings regarding the 2010 sale of the club have reached an out-of-court settlement...

The fall-out from the sale of Liverpool FC to the Fenway Sports Group (then New England Sports Ventures) in October 2010 final appears to have reached a conclusion.

At the time previous owners Tom Hicks and George Gillett tried to prevent the deal from happening, claiming the club was being sold against their will and significantly below market value.

Upon completion of the sale, the American duo subsequently took court action against a number of individuals and organisations involved in the process including the Royal Bank of Scotland and former club chairman Sir Martin Broughton.

Now however all parties involved have reached a confidential agreement which sees all allegations withdrawn and the court cases concluded.

Liverpool FC published the following statement this morning confirming the news: "In October 2010, Liverpool Football Club and Athletic Grounds Limited ('Liverpool FC') was sold to the Fenway Sports Group.

"As a consequence of that sale, Thomas Hicks and George Gillett (being the former owners of Liverpool FC) made a number of allegations and claims against Sir Martin Broughton, Christian Purslow and Ian Ayre (being the company directors responsible for the sale of Liverpool FC to the Fenway Sports Group). Those allegations and claims were denied by Messrs Broughton, Purslow and Ayre.

"The allegations, claims and denials resulted in legal proceedings being commenced.

"The parties have now agreed a settlement (the terms of which are confidential). All claims and allegations made against Messrs Broughton, Purslow and Ayre have been withdrawn by Messrs Hicks and Gillett and all legal proceedings between the parties concluded.

"The parties will not be making any further statement to the press."

Following publication of the statement Purslow, who was managing director at the time of the sale, expressed his delight at the development and thanked fans and staff for their support.

"I am delighted we can finally close this traumatic chapter in the history of Liverpool FC," said the 49-year-old who left the club in February 2011.

"I was brought in to fix the financial crisis at the club by leading the search for new owners and that is precisely what I did.

"I would particularly like to thank Sir Martin Broughton for agreeing to come to our club to lead our board at a difficult time, all my fellow Liverpool supporters, members of LFC staff and the entire football family for their unwavering support and the solidarity shown to me during my time at Liverpool - especially over the past two and half years since I stepped down."

Vital Verdict
This development is great news for the club and finally brings closure to the unhappy ownership spell of Hicks and Gillett. For most the fact that this famous club came staggeringly close to going into administration will never be forgotten. A club of almost unparalleled stature, significance and success was almost killed by two rogue cowboys who abused the trust placed in them for their own gain. The end to legal proceedings became a possibility earlier this week after it was revealed by the Liverpool ECHO that the duo needed to pay £1m as security to continue their fight. Hopefully everyone involved can now move on but this period in Liverpool's history will always be tainted as a result of the actions of Hicks and Gillett.

Follow me on Twitter @superbag

Not a Vital Liverpool member? It's a 100% free to join and get involved. Plus it only takes a few moments to sign up. Click here to become a member now!



Click here to join in the debate on the club forum.

Writer:Gavin Kelley-Day
Date:Friday January 11 2013
Time: 12:44PM

Login to post a comment

Best of Vital Network

Recent Liverpool Articles

Liverpool: VL's May 2017 Player Of The Month

Who has won the Vital Liverpool Player of the Month award for Premier League performances during May 2017?

Liverpool: The Weekly LFC News Update (25/05/2017)

A selection of Liverpool Football Club-related stories and titbits you may have missed over the past seven days

Liverpool: Was 2016/17 A Success Or Failure?

Liverpool finish fourth to secure a return to the Champions League but they promised so much more in the opening months

Coutinho In Team Of The Season (23/5/17)

Liverpool are represented in the Premier League Team of the Season that has been selected by BBC pundit Garth Crooks.

Archived Vital Liverpool Articles

Vital Liverpool articles from

Site Journalists

Gavin Kelley-Day
Editor email
Profile

Current Poll (see more polls)

Where Should Liverpool Strengthen Most This Summer?
Suggested By: Editor
Goalkeeper1%
Defence33%
Midfield11%
Attack11%
Overall squad depth44%
ScoopDragon Premier League Network Sites

League Table

# Team P W D L Pts. GD
C Chelsea 38 30 3 5 93 52
2 Spurs 38 26 8 4 86 60
3 Man City 38 23 9 6 78 41
4 Liverpool 38 22 10 6 76 36
5 Arsenal 38 23 6 9 75 33
6 Man Utd 38 18 15 5 69 25
7 Everton 38 17 10 11 61 18
8 Southampton 38 12 10 16 46 -7
9 AFC Bournemouth 38 12 10 16 46 -12
10 WBA 38 12 9 17 45 -8
11 West Ham 38 12 9 17 45 -17
12 Leicester City 38 12 8 18 44 -15
13 Stoke 38 11 11 16 44 -15
14 Crystal Palace 38 12 5 21 41 -13
15 Swansea 38 12 5 21 41 -25
16 Burnley 38 11 7 20 40 -16
17 Watford 38 11 7 20 40 -28
R Hull City 38 9 7 22 34 -43
R Middlesbrough 38 5 13 20 28 -26
R Sunderland 38 6 6 26 24 -40
Vital Football Comment
Latest F1 News
Latest Vital Boxing News
Write for Vital Football

Recent Liverpool Results (view all)

Liverpool Fixtures (view all)

Vital Members League Table

RankNamePoints
1.BigRed833
2.capability5001
The Vital Football Members League