Menu
Finance

New York State OKs Lawsuit Against RBS Relating To '10 Sale Of EPL's Liverpool

A second New York State Court has now given the green light to a lawsuit against Royal Bank of Scotland for its actions during the '10 controversial sale of EPL club Liverpool. While British courts have sided with the club and RBS that its actions were sound, two New York state courts now have agreed there is enough evidence to bring to trial a case that RBS violated terms of its loan agreement in arranging the sale to what is now Fenway Sports Group. Last week, the New York State Supreme, appellate division, largely affirmed a lower-court ruling that allowed the lawsuit to proceed against numerous objections filed by RBS. RBS had brought the appeal to the appellate division. The lawsuit is brought by Mill Financial, which was a creditor to one of the then LFC co-owners, George Gillett. Mill, RBS and Wells Fargo signed a tri-party lender agreement in '08 agreeing to notify one another of material changes. Mills alleges that RBS failed to notify it of material developments during the sale process, and rejected Mills' own higher offer for the team. Mills alleges RBS arranged the sale, allowing RBS's debt to be repaid but wiping out Mill's $70M loan. The appellate court did reject the breach-of-good-faith charge the lower court had upheld, ruling it was duplicative of the contract breach charge it allowed to proceed. The next step in the now four-year-old case is an Oct. 2 hearing in New York Supreme Court on motions to compel former LFC board members to submit to depositions.

SBJ Morning Buzzcast: March 25, 2024

NFL meeting preview; MLB's opening week ad effort and remembering Peter Angelos.

Big Get Jay Wright, March Madness is upon us and ESPN locks up CFP

On this week’s pod, our Big Get is CBS Sports college basketball analyst Jay Wright. The NCAA Championship-winning coach shares his insight with SBJ’s Austin Karp on key hoops issues and why being well dressed is an important part of his success. Also on the show, Poynter Institute senior writer Tom Jones shares who he has up and who is down in sports media. Later, SBJ’s Ben Portnoy talks the latest on ESPN’s CFP extension and who CBS, TNT Sports and ESPN need to make deep runs in the men’s and women's NCAA basketball tournaments.

SBJ I Factor: Nana-Yaw Asamoah

SBJ I Factor features an interview with AMB Sports and Entertainment Chief Commercial Office Nana-Yaw Asamoah. Asamoah, who moved over to AMBSE last year after 14 years at the NFL, talks with SBJ’s Ben Fischer about how his role model parents and older sisters pushed him to shrive, how the power of lifelong learning fuels successful people, and why AMBSE was an opportunity he could not pass up. Asamoah is 2021 SBJ Forty Under 40 honoree. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazine’s awards.

Shareable URL copied to clipboard!

https://www.sportsbusinessjournal.com/Daily/Issues/2014/09/08/Finance/RBS.aspx

Sorry, something went wrong with the copy but here is the link for you.

https://www.sportsbusinessjournal.com/Daily/Issues/2014/09/08/Finance/RBS.aspx

CLOSE