Filed under: English Premier League, Sports Business and Media, England
Liverpool FC’s board agreed to sell the Premier League club, which is saddled with debt and mired in 18th place, to the owners of the Boston Red Sox on Wednesday, but may have to take legal action to force out the existing American owners.
Current co-owners Tom Hicks and George Gillett Jr. have said they will resist the bid from New England Sports Ventures, which controls the Red Sox, and a separate bid from Asia. Hicks and Gillett claim both bids “dramatically undervalue” the iconic club.
According to Liverpool chairman Martin Broughton, the Red Sox owners have offered to pay £300 million ($477 million), which would cover the debt and bank charges stemming from the 2007 takeover by Hicks and Gillett. The pair stands to lose £144 million in the transaction, according to The Guardian.
Despite the resistance from Hicks and Gillett, who own all the shares in Liverpool, the offer was accepted by the three non-owner board members: Broughton — who was hired initially to sell the club — plus managing director Christian Purslow and commercial director Ian Ayre. The sale should be approved Friday.
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