The High Court on Wednesday granted injunctions against Liverpool owners Tom Hicks and George Gillett that could pave the way for the rapid sale of the club.
The Royal Bank of Scotland (RBS), the club’s main creditors, brought the case seeking injunctions against the owners requiring them to restore the original constitutions of the companies and managing directors.
That is what Mr Justice Floyd granted at the High Court, which means that the 300 million pound (487 million dollar) sale to New England Sports Ventures (NESV) can go ahead.
Hicks and Gillett have been refused the right of appeal, speeding the process considerably.
“I am absolutely elated, it’s a very important day for our club,” said chairman Martin Broughton. “This will clear the way for the sale, we will have a board meeting this evening and proceed with the sale.
“It has been an anxious time but we have been confident. But when you go to court you can ever be sure.” Broughton was mobbed by delighted Liverpool fans as he left court, with his name being chanted.
The NESV deal was agreed by the board last week, which would see RBS recoup the 237 million pounds it loaned the club, the deadline for repayment of which is Friday, but blocked by Hicks.
RBS argued that in doing so, by trying to oust two members of the board, the owners contradicted rules of sales agreement.
Gillett and Hicks admitted breaching the sales agreement, but insisted they only did it because the board excluded them from the sales agreement and refused to take into account stronger alternative bids to NESV.
“I am not prepared to grant any relief,” Floyd said in response to their efforts to stop the sale. “If I did it would risk stopping the sale and purchase agreement going ahead.” The Board, meanwhile, disputed the claim that the owners were excluded from the sales agreement and said the owners simply refused to take part.
It also insisted the NESV bid was the strongest on the table after a thorough process to find a buyer for the club.
Details of another bid, by the Singapore-based billionaire Peter Lim, emerged on Tuesday, along with suggestions he may take legal action over the bidding process.
A board meeting will be held at 8pm on Wednesday evening, with Broughton taking legal advice on whether the NESV bid can be accepted or if other offers have first to be considered.
“The board has to be reconstituted and I can’t prejudge what the board is going to say,” Broughton said. “It would be inappropriate to prejudge what the board may say.
“I want to thank the fans for their support through a difficult time. We will get the right owners for the fans.
“It was an excellent outcome and I will be very pleased when the process we came in to do is completed.” Hicks and Gillett have been ordered to pay costs which are estimated at between 250,000 and 500,000 pounds.
