Liverpool

On This Day: Premier League approves NESV's takeover of Liverpool

| 08 October 2020

The Reds' former co-owners Tom Hicks and George Gillett had initially opposed the sale, valuing the club at double NESV's bid.

The Premier League gave its approval to New England Sports Ventures' proposed takeover of Liverpool on this day in 2010.

American company NESV, which owns NBA franchise the Boston Red Sox, completed its £300million takeover the following week.

Liverpool's former co-owners Tom Hicks and George Gillett had opposed the sale, valuing the club at double NESV's bid, but dropped a temporary restraining order lodged in Dallas to enable the deal to be finalised.

Hicks and Gillett had wanted £1billion in damages, claiming the deal was "illegal" and an "extraordinary swindle".

But their decision to lift the restraining order allowed Liverpool's new owners to pay off the club's £280million debt to major creditors Royal Bank of Scotland.

RBS was owed £240million in loans and £40million in fees and there had been fears that Liverpool's previous holding company could have gone into administration, resulting in a possible nine-point penalty for the club.

Upon completion of the takeover, NESV founder John W Henry said: "We're going to do a lot of listening, we have a lot to learn, and we'll walk this path together (with the fans)."

Liverpool reached successive Champions League finals in 2018 and 2019 under manager Jurgen Klopp, beating Tottenham to lift the trophy in the latter, and ended their 30-year wait for a top-flight title last season.