Court rules Liverpool sale can go ahead

Posted by - October 13, 2010 - Liverpool

Hicks and Gillett lose court case
Liverpool FC trial at High Court

Liverpool’s sale to NESV can go ahead after the High Court ruled in favour of Royal Bank of Scotland. Owners Tom Hicks and George Gillett’s attempts to block the deal with the owners of Boston Red Sox baseball team were thrown out by the judge. Whether it will or not remains to be seen with higher bidders appeals and counter-appeals (Update: Hicks and Gillett have been refused the right to appeal) thrown into the mix.

But for now, Mr Justice Floyd said: “The owners do not have an absolute right to veto a sale.”

Hicks and Gillett had attempted to delay an application by creditors RBS for mandatory orders paving the way for a possible sale this week. Christian Purslow and Ian Ayre – the two board members sacked by Hicks and Gillett as they attempted to thwart the takeover – have been reinstated to the board after the judge imposed injunctions on the two men requiring them to restore the original constitutions of the companies and managing directors.

Hicks and Gillett have also been ordered to pay the (no doubt considerable) costs.

On a lighter note, you can see why the Liverpool protesters outside court were the sort of people with the freedom to spend an indefinite period of time standing in the street.