Reds owners admit defeat in takeover saga

(GSM) – Liverpool’s current owners Tom Hicks and George Gillett have admitted defeat in their to stall the takeover by the board of directors.

The American duo withdrew their temporary restraining order despite claiming that the sale was an ”epic swindle”.

The current owners had promised the Royal Bank of Scotland that they would clear off the debts before the 15th October deadline.

However, the lending bank rejected the owners plea and it seems the duo will now be seeking a legal action to claim damages worth $1.6 billion for the illegal sale.

“It’s an extraordinary swindle and it will result in exactly the wrong thing for the Club and the fans,” said the attorneys representing the owners.

And Steve Sodghill, one of the represeting attorneys, stated that the owners would seek every avenue to take action against the board of Liverpool.

“This outcome not only devalues the Club but it also will result in long-term uncertainty for the fans, players and everyone who loves this sport because all legal recourses will be pursued,” said Stodghill.

“Mr. Hicks and Mr. Gillett pledged to pay the debt to RBS so that the Club could avoid administration that was threatened by RBS. That offer was rejected. It is a tragic development that others will claim as a victory.

“This means it won’t be resolved the way it should be resolved. My clients worked tirelessly to resolve these issues but RBS would not listen to any reasonable solution and the Directors acted selfishly and illegally.

“Mr. Hicks and Mr. Gillett wanted to position this club for the future, but others have a different agenda.

“In truth, there is nothing positive from these events for Liverpool Football. That is exactly the opposite of what my clients wanted to achieve. ”

It is thought that New England Sports Ventures are soon to make a statement regarding their takeover of the Merseyside club.