Chairman Martin Broughton, managing director Christian Purslow and commercial director Ian Ayre have pre-empted any legal action by current co-owners Hicks and Gillett to stop the planned takeover, issuing a 'declaratory judgment' which their solicitors, Slaughter and May, have prepared for a hearing on Friday.
Hicks and Gillett, whose losses would be an estimated ?140 million, are convinced that their legal arguments will halt the proposed sale to the owners of the Boston Red Sox, and an appeal appears certain no matter what the outcome of the initial courtroom battle on Friday.
The trio are anxious that the whole legal process, and indeed the sale that depends upon it, is completed by the October 15 deadline, when the Royal Bank of Scotland calls in its ?237 million loans from Hicks and Gillett and effectively owns the club. The bank would then have to sell the club on, or put Liverpool into administration.
http://soccernet.espn.go.com/news/story?id=830461&sec=england&campaign=rss&source=soccernet&cc=5739
-----------------------------------------------
Liverpool board have now issued legal proceedings against G&H. The pace is quickening by the hour.
? = Pounds Sterling.