Liverpool Reaches Out-Of-Court Settlement With Former Owners
Liverpool reached an "out-of-court settlement" with former Owners Tom Hicks and George Gillett over the forced sale of the 18-time English football champion, according to Bob Bensch of BLOOMBERG. Liverpool was sold to Fenway Sports Group, then known as New England Sports Ventures, in '10 for £300M. Gillett and Hicks were "unhappy with the handling of the sale" to the group headed by Boston Red Sox Owner John Henry. Hicks described it as an "epic swindle." Hicks and Gillett said that the transaction "was not done transparently," with then-club Directors Martin Broughton and Christian Purslow and current Managing Dir Ian Ayre "concealing negotiations with Henry from them." The former owners also claimed that the team was sold "below its market value," and cited a Forbes magazine estimate that said it was worth £533M (BLOOMBERG, 1/11). Liverpool released the following statement on its website: "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 All claims and allegations made against Messrs Broughton, Purslow and Ayre have been withdrawn by Messrs Hicks and Gillett and all legal proceedings between the parties concluded.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" (Liverpool).