Liverpool ready for sale but face legal issues

Liverpools board has agreed to sell the club to the owners of baseball's Boston Red Sox but the fate of England's most successful soccer team could yet be decided in court as an ownership dispute rages on.

Liverpools board has agreed to sell the club to the owners of baseball’s Boston Red Sox but the fate of England’s most successful soccer team could yet be decided in court as an ownership dispute rages on.

The Premier League club said on Wednesday they had accepted a 300 million pounds ($477.6 million) offer from New England Sports Ventures (NESV) but the deal is being complicated because they are facing a legal challenge from their current owners.

Americans Tom Hicks and George Gillett sought on Tuesday to replace two members of the five-man board with their own people in a final bid to retain control.

The BBC quoted the pair as saying they would resist any sale that undervalued the club and local media reports suggested Hicks and Gillett were looking for about 600 million pounds. The proposed deal’s price tag of 300 million pounds includes 200 million in writing down all acquisition debt and taking on additional working capital debts and other liabilities.

Liverpool chairman Martin Broughton said he was disappointed the current owners had tried everything to prevent the deal from happening but added the potential new owners were the best people for the job and would provide funds for new players.

An NESV statement said it wanted to stabilise the club and ultimately return Liverpool FC to its rightful place in English and European football,successfully competing for and winning trophies. The Liverpool deal will require Premier League approval,which could come by Friday,but the legal dispute is the main issue.