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Stilly

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Gabe

Gabe

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Posted

Just reading the BBC article on this and it says that many fans would like RBS to call in the debt and put the club into administration - does anybody *really* want to see that happen? If it did, do you think the players currently have the right mentality to try and use that punishment to spur them on, or do you think they'd just crumble?

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the_debaser

the_debaser

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In all seriousness if you did get the Bosox owner in it'd be great for Liverpool. They were a laughing stock until he took over, now they're up there as one of the best MLB teams constantly challenging for the top in by far the toughest division and they've even won the world series twice in the last 5 or 6 years.

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Naysonymous

Naysonymous

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Posted

Just reading the BBC article on this and it says that many fans would like RBS to call in the debt and put the club into administration - does anybody *really* want to see that happen? If it did, do you think the players currently have the right mentality to try and use that punishment to spur them on, or do you think they'd just crumble?

Wont the RBS essentially own the club in ten days time though? If that is the case then they would be crazy to put it into administration.

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Jamin

Jamin

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RBS do still have the option to extend the loan though.

Crazy goings on re: the board. I just dearly hope that we're nearing the end of the tunnel now and we can put all this mess behind us.

Fingers crossed tomorrow brings us encouraging news...

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Commander Jameson

Commander Jameson

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BBC (5Live) reporting that Liverpool will announce that they have SOLD the club to New England Sports Ventures!

Edit: Official Announcement

Liverpool Football Club today announces that the Board has agreed the sale of the Club to New England Sports Ventures (NESV).

New England Sports Ventures currently owns a portfolio of companies including the Boston Red Sox, New England Sports Network, Fenway Sports Group and Rousch Fenway Racing.

Martin Broughton, Liverpool FC Chairman, said:

"I am delighted that we have been able to successfully conclude the sale process which has been thorough and extensive. The Board decided to accept NESV's proposal on the basis that it best met the criteria we set out originally for a suitable new owner. NESV's philosophy is all about winning and they have fully demonstrated that at Red Sox.

"We've met them in Boston, London and Liverpool over several weeks and I am immensely impressed with what they have achieved and with their vision for Liverpool Football Club.

"By removing the burden of acquisition debt, this offer allows us to focus on investment in the team. I am only disappointed that the owners have tried everything to prevent the deal from happening and that we need to go through legal proceedings in order to complete the sale."

Note to editors:

The sale is conditional on Premier League approval, resolution of the dispute concerning Board membership and other matters.

I'm not going to get excited about this until:

1. We see how the club will be funded; just because the Red Sox are run well does not necessarily mean we will be

2. The "legal dispute" is resolved; I understand that only Broughton could sack Ayres and Purslow

3. We find out (if ever) how much the club was bought for

4. I see Tom Hicks big fat head walking off in the distance

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Stigweard

Stigweard

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Posted

BBC (5Live) reporting that Liverpool will announce that they have SOLD the club to New England Sports Ventures!

Edit: Official Announcement

I'm not going to get excited about this until:

1. We see how the club will be funded; just because the Red Sox are run well does not necessarily mean we will be

2. The "legal dispute" is resolved; I understand that only Broughton could sack Ayres and Purslow

3. We find out (if ever) how much the club was bought for

4. I see Tom Hicks big fat head walking off in the distance stuck on a pike on the top of the Kop stand

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bradigor

bradigor

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This is good news, the Boston RedSox, very much like Liverpool when it comes to what the team means to the City and how much tradition they have. This should be a positive step. Just hope that many can see beyond the nationality of the buyer :(

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Liamness

Liamness

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Liverpool need a lot of investment and patience from any owner, the club really is in a state. I welcome the news of the takeover (which I'm sure Hicks and Gillet will not be able to block, purely because of RBS's involvement), as watching Liverpool go backwards stopped being funny a while ago. We are also in the situation where the owners will lose a lot of money, sale or no sale, and the longer they hold on the worse it gets. I'm worried that there's no-one who can force them to see sense, in the case of the Glazers.

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Daley

Daley

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Liverpool need a lot of investment and patience from any owner, the club really is in a state. I welcome the news of the takeover (which I'm sure Hicks and Gillet will not be able to block, purely because of RBS's involvement), as watching Liverpool go backwards stopped being funny a while ago. We are also in the situation where the owners will lose a lot of money, sale or no sale, and the longer they hold on the worse it gets. I'm worried that there's no-one who can force them to see sense, in the case of the Glazers.

That's not 100% accurate.

The net loss of £53m is up on the loss of £42m for 2008 and the bulk of this is accounted for by interest charges of £40m (actually £43m when capitalised interest is taken into account – which doesn’t get shown on the profit and loss account). Over two years, the company has racked up losses of £95m of which interest charges make up a whopping £76m. These substantial losses seem at odds with a recent statement by the club that profitability had been improved since 2007.

Most of the losses are due to the debts and paying the interest on them.

http://www.anfieldroad.com/news/201005073624/analysis-liverpools-finances.html/

While not exactly healthy they are hardly in a state and it very much depends what happens to these loans.

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Reynard

Reynard

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Posted

Liverpool need a lot of investment and patience from any owner, the club really is in a state. I welcome the news of the takeover (which I'm sure Hicks and Gillet will not be able to block, purely because of RBS's involvement), as watching Liverpool go backwards stopped being funny a while ago. We are also in the situation where the owners will lose a lot of money, sale or no sale, and the longer they hold on the worse it gets. I'm worried that there's no-one who can force them to see sense, in the case of the Glazers.

They're currently blocking the sale (or attempting to). Broughton has said that when RBS installed him a contract was drawn up which stated that he's the only person authorised to make any changes to the board (possibly to prevent a situation such as this from occurring).

The owners also agreed to 'take no action to frustrate any reasonable sale'.

So, it looks like the sticking point in court is going to be what's defined as a 'reasonable' sale. The owners will argue that it isn't, presumably on the basis that they're not getting a return on their 'investment'. They don't seem to appreciate that the club is worth what it is worth (i.e. what the market dictates), not what they think it's worth.

If they lose next week, they can appeal (and, let's face it, they will appeal), which can drag it out further.

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Dandy_Sephy

Dandy_Sephy

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Liverpool's prospective new owners say they will clear the Premier League club's debts when they take over.

New England Sports Ventures (NESV)issued a statement saying they would move "all acquisition debt" away from the club if their £300m bid succeeds.

NESV - owners of the Boston Red Sox baseball team - confirmed their bid has been accepted by Liverpool's board.

But current owners Tom Hicks and George Gillett have launched a legal action to try to block the sale.

NESV's statement continued: "NESV wants to create a long-term financially solid foundation for Liverpool FC and is dedicated to ensuring that the club has the resources to build for the future, including the removal of all acquisition debt.

"Our objective is to stabilise the club and ultimately return Liverpool FC to its rightful place in English and European football, successfully competing for and winning trophies.

"Since 2001, New England Sports Ventures has made successful investments in sports and entertainment properties.

"Our portfolio of companies - including the Boston Red Sox and Fenway Park, New England Sports Network, Fenway Sports Group and Roush Fenway Racing - are all committed to one common goal: winning.

"NESV wants to help bring back the culture of winning to Liverpool FC.

"We have a proven track record, shown clearly with the Boston Red Sox. The team has won two World Series championships over the past six years. We will bring the same kind of openness, passion, dedication and professionalism to Liverpool FC."

BBC Sports understands manager Roy Hodgson will be given time by the Massachusetts-based partnership to turn around the club's fortunes on the field, having dropped into the relegation zone after the weekend's defeat at home to Blackpool.

If the sale goes through, they will assess the situation and it is thought Hodgson still retains the support inside Anfield.

The Premier League expects the hurdles for the takeover bid to be cleared this week.

The club's current, much-criticised, American owners Hicks and Gillett, say the NESV bid - and a rival one from an Asian consortium - "dramatically undervalues" Liverpool's worth.

NESV is thought to be offering about £300m for the club, enough to pay back the £240m of loans and £40m of fees owed to Royal Bank of Scotland, which must be settled by 15 October else a penalty fee of £60m will be due.

Easily said, but I imagine getting the club out of debt is probably a requirement for any purchase. The PL have already stated they won't deduct points if RBS force their hand on taking control, and they have already approved the sale

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AbZorba

AbZorba

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According to 5Live the following phone conversation happened this afternoon.

Hicks: "I'm replacing Purslow/Ayre".

Broughton: "You can't do that."

Hicks "I've just done it".

Hicks then put the phone down.

However the Premier League have said today, the board cannot change, for 10 days, without them given notice.

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