On This Day: Hicks and Gillett complete Liverpool takeover

| 27 March 2021

On This Day: Hicks and Gillett complete Liverpool takeover

Things quickly deteriorated as Reds boss Rafael Benitez became frustrated at the lack of spending.

Tom Hicks and George Gillett's takeover of Liverpool was completed on this day in 2007.

After gaining unconditional control of the club by passing the 80 per cent threshold of share agreements the previous month, the deal was formally concluded when shareholders agreed to sell the American tycoons 98.6 per cent of the club's shares.

Liverpool's board had initially agreed to the takeover after rejecting a rival bid from Dubai International Capital.

Their Anfield reign got off to a promising start as the duo promised to back boss Rafael Benitez and added Fernando Torres just months after taking control.

But things quickly deteriorated and Benitez became frustrated at the lack of spending, with rumours of Hicks and Gillett meeting with Jurgen Klinsmann while the Spaniard was still in charge.

After less than a year at the club, Reds fans were protesting against their new owners and the duo were never able to recover.

With boardroom unrest, sackings and hirings, the pair eventually sold to New England Sports Venture (NESV) – headed by multi-millionaire Boston Red Sox owner John W. Henry – after a messy High Court battle.