Football Season 2010/2011 - Page 34

**Chris** · 14-10-2010, 18:01

Well, at least when the club is sold out from under them, Hicks and Gillett have proven they're available for pantomimes.

Uncle Peter · 14-10-2010, 18:20

There's a hearing in Dallas at 7pm UK time so Hicks is either going to pull another stunt or withdraw his existing applications for litigation. Hopefully the latter or he will be in contempt of the high court.

Bulky · 14-10-2010, 19:26

Quote:

Originally Posted by Uncle Peter

Ouch, one of NESV's backers is Carlos Slim. I hope they have deep pockets!

Carlos slim owns a share of the new York times , the new York times owns a 17% share of NESV , the link is weak at best.

NoKnowledge · 15-10-2010, 14:45

NESV set to announce purchase of Premier League club Liverpool

Quote:

Tom Hicks and George Gillett accepted defeat in their bid to prevent a sale to NESV, but say they will pursue £1bn damages for an "extraordinary swindle".

"extraordinary swindle" - I burst out laughing and still laughing as I type this.

**Damien** · 15-10-2010, 15:55

Seems like Liverpool are now owned by NESV. Weirdest twist today was Hick is claiming that he attempted to pay the loan back today (with the finance coming from Mill Financial presumably) but RBS rejected it.

Uncle Peter · 15-10-2010, 16:01

Hicks was not allowed to refinance with any of the club assets as security which is what he probably tried to do so his trip to quick quid was in vain. Announcement due at Slaughters any minute.

**Damien** · 15-10-2010, 16:01

Sale has gone though

superbiatch · 15-10-2010, 16:11

Now lets get back to football, we've got a rather important game on Sunday

Uncle Peter · 15-10-2010, 17:41

There are some quite amusing farewell messages for Tom and George on some of the football related boards, obviously most of them unrepeatable on a family forum. Anyway, back to football finally and I would imagine many people who refused to attend the games or provide any financial support while those two asset stripping leeches were in charge will be putting their money behind the club.

wwe · 15-10-2010, 21:29

we reached the deadline and were not going to have 9 points taken off us well happy

punky · 16-10-2010, 00:26

This will drag on. And there is more than enough reasonable suspicion that there's some skull duggery at play.

Broughton was determined to push through the NESV bid even though Peter Lim offered £20m and £40m cash as transfer kitty. He said:

Quote:

"The Board and RBS have chosen not to respond or to discuss my Offer with me. My representatives even offered to meet the Board last night. This was ignored, although NESV was invited to attend that meeting.

"It has become clear to me that the Board is intent on selling the club to New England Sports Ventures (NESV) to the exclusion of all other parties, regardless of the merits of their bids. In these circumstances, I am not able to proceed with my intention to acquire the club."

And then Mill Financial who already held Gillet's shares were offering £400m plus pushing through the new stadium. They didn't even get as far as Peter Kim. And these are people with significantly more clout than J W Henry who is scrapping together change down the back of thre sofa to buy the club.

I really don't know whose interests Broughton is looking out for here. But its clear he, appointed by RBS, has not been playing straight. And when you consider his descision cost H&G up £50m each extra, you can see why H&G chose to fight it. Who wouldn't?

Uncle Peter · 16-10-2010, 01:25

Quote:

Originally Posted by punky

This will drag on. And there is more than enough reasonable suspicion that there's some skull duggery at play.

Broughton was determined to push through the NESV bid even though Peter Lim offered £20m and £40m cash as transfer kitty. He said:

And then Mill Financial who already held Gillet's shares were offering £400m plus pushing through the new stadium. They didn't even get as far as Peter Kim. And these are people with significantly more clout than J W Henry who is scrapping together change down the back of thre sofa to buy the club.

I really don't know whose interests Broughton is looking out for here. But its clear he, appointed by RBS, has not been playing straight. And when you consider his descision cost H&G up £50m each extra, you can see why H&G chose to fight it. Who wouldn't?

There was a clearly defined bidding process governed by corporate law so there was no point in Peter Lim hanging around and submitting new bids via his PR machine (twice while the high court was in session) after the bidding process and due diligence had finished. He and others had more than enough time to submit a reasonable offer, it is not eBay.

Mill financial wanted exclusivity in the bidding process which was NOT allowed under the banks conditions of the sale.

The previous owners have technically been in default since Easter and the banks were quite within their rights to put the club into administration back in which case poor old Tom and George would have walked away with another failed business on their record. Instead the bank agreed to a temporary extension to the finance on the basis that the club was sold to repay the debt under strict conditions set by the creditors. At this point the former owners had very little say how things panned out.
If the ill informed in the media, US legal fraternity and elsewhere think they know better than the high court I'm sure they'd be enlightened to hear the reasons.

Lessons for Tom and George to take away:

Don't borrow what you can't afford
Don't partake in asset sweating LBOs of sports teams (franchises as they call them) - it doesn't work
Don't lie
Don't show contempt of a high court ruling
Honour your contracts

**Chris** · 16-10-2010, 13:34

Quote:

Originally Posted by punky

And then Mill Financial who already held Gillet's shares were offering £400m plus pushing through the new stadium. They didn't even get as far as Peter Kim. And these are people with significantly more clout than J W Henry who is scrapping together change down the back of thre sofa to buy the club.

The Premier League refused to meet Mill, much less grant them 'acceptable owner' status. Are you suggesting that The Premiership is playing some shady game on behalf of RBS as well?

Kymmy · 17-10-2010, 10:43

No idea if it's already posted but this made me laugh

At Liverpool Airport statue of John Lennon reads "ABOVE US ONLY SKY"

Someone has added "BELOW US ONLY WOLVES AND WEST HAM"

colin25 · 17-10-2010, 10:45

Quote:

Originally Posted by Kymmy

No idea if it's already posted but this made me laugh

At Liverpool Airport statue of John Lennon reads "ABOVE US ONLY SKY"

Someone has added "BELOW US ONLY WOLVES AND WEST HAM"

Gotta love the humour