Details Of Liverpool FC Takeover Released
#1
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From: Newton Aycliffe County Durham
Details Of Liverpool FC Takeover Released
Im not getting my hopes up, but should this come off, it could be the begining of the long a winding road, back to where we want to be.
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LIVERPOOL FC chairman Martin Broughton today heralded a new era at Anfield after he, Managing Director Christian Purslow and Commercial Director Ian Ayre removed Tom Hicks and George Gillett from the club.
Liverpool have been provisionally sold for £300m to New England Ventures – an American sports investment company which runs the Boston Red Sox baseball team – restored to its former glory by NEV over the past decade.
Today Broughton declared them “winners” as he revealed the takeover now sees Liverpool freed of £200m of debt. £37m of “external debt” remains. But that is basically a typical working overdraft facility and the agreed deal would see Liverpool carrying the second lowest debt burden in the Premier League.
Broughton said the new owners are committed to building a new stadium – possibly by redeveloping Anfield – in a bid to keep the club's history and traditions in place on the present site. Broughton said they would investigate an idea to redevelop on the current stadium site first mooted by Anfield legend Kenny Dalglish.
If not feasible he said they will build a new stadium on the alternative site in Stanley Park.
Broughton also revealed a tight contractual agreement has been put in place to ensure the debt for taking over Liverpool can never be put back on the club again – as Hicks and Gillett did sparking the crisis of the past few years.
He acknowledged there will now be court action to try and prove the sale to New England Ventures is legitimate and has been properly handled. He insists it has been.
But Hicks and Gillett, who it is understood walk away with no profit at all from three-and-a-half years in charge, are bound to contest the sale in court.
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LIVERPOOL FC chairman Martin Broughton today heralded a new era at Anfield after he, Managing Director Christian Purslow and Commercial Director Ian Ayre removed Tom Hicks and George Gillett from the club.
Liverpool have been provisionally sold for £300m to New England Ventures – an American sports investment company which runs the Boston Red Sox baseball team – restored to its former glory by NEV over the past decade.
Today Broughton declared them “winners” as he revealed the takeover now sees Liverpool freed of £200m of debt. £37m of “external debt” remains. But that is basically a typical working overdraft facility and the agreed deal would see Liverpool carrying the second lowest debt burden in the Premier League.
Broughton said the new owners are committed to building a new stadium – possibly by redeveloping Anfield – in a bid to keep the club's history and traditions in place on the present site. Broughton said they would investigate an idea to redevelop on the current stadium site first mooted by Anfield legend Kenny Dalglish.
If not feasible he said they will build a new stadium on the alternative site in Stanley Park.
Broughton also revealed a tight contractual agreement has been put in place to ensure the debt for taking over Liverpool can never be put back on the club again – as Hicks and Gillett did sparking the crisis of the past few years.
He acknowledged there will now be court action to try and prove the sale to New England Ventures is legitimate and has been properly handled. He insists it has been.
But Hicks and Gillett, who it is understood walk away with no profit at all from three-and-a-half years in charge, are bound to contest the sale in court.
British Airways Chairman Broughton said today: "We set out to find the right owners for Liverpool. It's been a fascinating process full of twists and turns – even a farce at times. "But we have with Barclays Capital been leading the process exhaustively across the world. "We have had two very attractive offers from two bidders of roughly the same amounts who would prove excellent owners. I think we have chosen New England ventures because if you look at their track record with the Boston Red Sox it's been outstanding.
"These guys are winners. It's all about winning to them and it's all about building or developing the stadium. They are absolutely going to invest in the stadium.
"These guys are winners. It's all about winning to them and it's all about building or developing the stadium. They are absolutely going to invest in the stadium.
"They understand that winning is what drives fans. They will be excellent owners.
"Altogether it's a £300m deal paying off the acquisition debt of £200m.
Broughton said New England Ventures had revolutionised the fortunes of the Boston Red Sox after taking over in 2001.
He added: "If you look at the Boston Red Sox when they arrived everyone said 'We have to build a new stadium - this one is clapped out'. "They looked at it, its tradition and decided to invest heavily to reinvent Fenway Park, rather than move to a new stadium.
"They have been the most successful team since acquiring the Red Sox in 2001 - there are parallels with Liverpool."
Broughton also revealed the dramatic details of yesterday afternoon at Anfield when Hicks tried to sack Purslow and Ayre before a crunch board meeting.
He told them they could not do so.
Said Broughton: "This is not straightforward.
"I don't want to tell you about the detail because that will be subject to legal proceedings. "But in trying to remove Christian Purslow and Ian Ayre they made an astonishing move.
"Altogether it's a £300m deal paying off the acquisition debt of £200m.
Broughton said New England Ventures had revolutionised the fortunes of the Boston Red Sox after taking over in 2001.
He added: "If you look at the Boston Red Sox when they arrived everyone said 'We have to build a new stadium - this one is clapped out'. "They looked at it, its tradition and decided to invest heavily to reinvent Fenway Park, rather than move to a new stadium.
"They have been the most successful team since acquiring the Red Sox in 2001 - there are parallels with Liverpool."
Broughton also revealed the dramatic details of yesterday afternoon at Anfield when Hicks tried to sack Purslow and Ayre before a crunch board meeting.
He told them they could not do so.
Said Broughton: "This is not straightforward.
"I don't want to tell you about the detail because that will be subject to legal proceedings. "But in trying to remove Christian Purslow and Ian Ayre they made an astonishing move.
"I say that because as part of my appointment they gave specific undertakings to the Royal Bank of Scotland that said Martin Broughton was the only person authorised to make any board changes. "Otherwise they would take no action to frustrate any reasonable sale. "They basically flagrantly abused those two undertakings to RBS and removed Christian and Ian from the board and sent us details just before the board meeting saying they had been removed and appointing two others. "We took legal advice and I determined that the action was invalid.
"So I went back to Tom Hicks and George Gillett, reconvened the board meeting and said 'Look, your action is invalid'. "I told them I was continuing to hold the meeting with Christian Purslow and Ian Ayre present. "They objected, called for an adjournment - which I declined - and offered them the opportunity to take part.
"They chose not to, although George Gillett's lawyer was there.”
Broughton said the club would now be applying for a court judgement over the disputed sale which will tale place in a UK court hearing at a date to be decided.
"So I went back to Tom Hicks and George Gillett, reconvened the board meeting and said 'Look, your action is invalid'. "I told them I was continuing to hold the meeting with Christian Purslow and Ian Ayre present. "They objected, called for an adjournment - which I declined - and offered them the opportunity to take part.
"They chose not to, although George Gillett's lawyer was there.”
Broughton said the club would now be applying for a court judgement over the disputed sale which will tale place in a UK court hearing at a date to be decided.
He said: "The sale is subject to us having valid authority to sell.
"We are applying to court soon for a declaratory judgement to get the court to declare that the action we took was proper and valid.
“No one likes being in court – someone comes out winning and someone comes out losing.
"If there is any justice we will win."
Broughton added: " This is a great day for Liverpool Football Club and the supporters.
"I would like to thank the Liverpool fans for their patience.
"I know how frustrating it has been for them wanting to know what is going on.
"I know they have been frustrated by my refusal to give a running commentary. "But I have always believed – and this demonstrates it – that the best deals get done behind closed doors."
Broughton stressed there are 17 principal investors behind New England Ventures and that the future is by no means dependent on the personal wealth of John Henry Winter.
He also moved to allay fans fears about one set of Americans being now replaced by other US owners at Anfield. He said: "I can understand why that might be an instant reaction about them being American. But being American is not a problem.
"Leveraged ownership of a football club is the problem. "I just hope we can deliver what we have set out to do.
"We have found the right owners. There will be money to invest in the squad.
"It is all about winning – that is their philosophy."
"We are applying to court soon for a declaratory judgement to get the court to declare that the action we took was proper and valid.
“No one likes being in court – someone comes out winning and someone comes out losing.
"If there is any justice we will win."
Broughton added: " This is a great day for Liverpool Football Club and the supporters.
"I would like to thank the Liverpool fans for their patience.
"I know how frustrating it has been for them wanting to know what is going on.
"I know they have been frustrated by my refusal to give a running commentary. "But I have always believed – and this demonstrates it – that the best deals get done behind closed doors."
Broughton stressed there are 17 principal investors behind New England Ventures and that the future is by no means dependent on the personal wealth of John Henry Winter.
He also moved to allay fans fears about one set of Americans being now replaced by other US owners at Anfield. He said: "I can understand why that might be an instant reaction about them being American. But being American is not a problem.
"Leveraged ownership of a football club is the problem. "I just hope we can deliver what we have set out to do.
"We have found the right owners. There will be money to invest in the squad.
"It is all about winning – that is their philosophy."
#3
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From: Newton Aycliffe County Durham
as for the glaziers, i feel your pain, when you have huge debt hanging round your neck, its a MASSIVE concern, as we well and truely know, hence the position we are currently in. and believe it or not, i hope you get shot of them aswel, there is no place in english football, for people like george gillette, tom hicks, and the glaziers.
#4
I have the feeling this isn't going to be the step forward that liverpool need. They are being purchased by an investment company who are only after seeing a return on their investment. If they buy it for £300m I can't see them investing that again into the team.
All the top rich clubs like chelsea, man u and city all continue to make losses as it is impossible to have and pay the best players in the world and make a profit.
All the top rich clubs like chelsea, man u and city all continue to make losses as it is impossible to have and pay the best players in the world and make a profit.
#6
#7
That's a sensible idea I think, Fiddy. I remember last time in 2007 loads of Liverpool fans were all over the web, TV and papers saying how their stadium's going to be bigger than Old Trafford, better and had this fantasy shopping list of players, ended up looking like fools in the end. Maybe some of your fans have learned from this!!!
Man United make a profit of around £100m per year, more than any club in the world and second on income to Madrid, they also have the biggest club worth, they don't make losses like City and Chelsea do. Those are essentially smaller clubs who were bought by rich men then got in players on crazy wages that their earnings don't cover, hence the loss.
As a club, United has always been well run. The Glaziers however......
Last edited by skeg; 06-10-2010 at 01:13 PM.
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#8
Man United make a profit of around £100m per year, more than any club in the world and second on income to Madrid, they also have the biggest club worth, they don't make losses like City and Chelsea do. Those are essentially smaller clubs who were bought by rich men then got in players on crazy wages that their earnings don't cover, hence the loss.
As a club, United has always been well run. The Glaziers however......
Last edited by bbsheppo; 06-10-2010 at 01:18 PM.
#10
^ The Glaziers loan interest is something else altogether, its not debt United created and they have the money to cover it either way. The Ronaldo money was revealed to still be in the club account, £95m cash, probably more now. I think the BBC even described it as "bulging cash reserves" when talking about if the Glaziers would take some of it out of the club or not.
http://www.bbc.co.uk/blogs/davidbond...s.html?page=15
Layman's terms, if you take the Glaziers away from MUFC the club can continue the same, maybe some might say even better. However if you take Roman Abramovich and the Sheik away from those two they would have to offloads some players or something as what they make can't sustain it.
Last edited by skeg; 06-10-2010 at 01:55 PM.
#11
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That's a sensible idea I think, Fiddy. I remember last time in 2007 loads of Liverpool fans were all over the web, TV and papers saying how their stadium's going to be bigger than Old Trafford, better and had this fantasy shopping list of players, ended up looking like fools in the end. Maybe some of your fans have learned from this!!!
......
......
but i must admit, the one thing in that entire statement that jumped out at me, was having the second smallest amount of debt in the premier league, that, is the selling point for me. debt, will/does ruin football, and if we can be one of the best run clubs in the country financially off the field, it makes the possibility of us being one of the best clubs in the country on the field in the future. as i said, this isnt just a short term thing, the major short term target is clearing the debt by the 15th to stop the vultures circling over anfield, the long term plan, is to make us financially self sufficient, then, we can start building stadiums, or redeveloping anfield, and that, will make money to invest on the field.
im under no illusions, this isnt an abramovic or sheik mansour type take over, where we will be spending £200m in the transfer window, that is NOT, going to happen, but as a business, its vital, that our first, and main priority, is to sort out our finances, then, we can improve, and move forward.
#12
I think that if Liverpool can get back to winning games, they can be turned into a profittable club, especially with the right investment in the stadium.
One thing is certain, it would be a very stupid investment company who invested in a depreciating asset that they werent confident they could revive.
Unless anfield has a massive property development value or similar and they plan on asset stripping the club.
One thing is certain, it would be a very stupid investment company who invested in a depreciating asset that they werent confident they could revive.
Unless anfield has a massive property development value or similar and they plan on asset stripping the club.
#13
That's the ideal I think. If you're owned like by billionaires people just say you bought the titles and so on. Its best to have someone in who's rich enough to buy the club outright and not need to milk the clubs profits but not too rich. Then just use the clubs profit to reinvest in stadium work, academy or players.
Was reading about it this morning and about the ideas for the stadium, to look at Kennys thing of redeveloping the current site like they did at Red sox, if not then move to Stanley. Aside from the initial investment on that I guess you'll be back to where you were pre Hicks and Gillet, except a bigger capacity = more profit.
What profit did you make before and what debt did you have then, can't recall but remember you seeked a buyout as you couldn't afford the stadium work yourselves.
#14
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I think that if Liverpool can get back to winning games, they can be turned into a profittable club, especially with the right investment in the stadium.
One thing is certain, it would be a very stupid investment company who invested in a depreciating asset that they werent confident they could revive.
Unless anfield has a massive property development value or similar and they plan on asset stripping the club.
One thing is certain, it would be a very stupid investment company who invested in a depreciating asset that they werent confident they could revive.
Unless anfield has a massive property development value or similar and they plan on asset stripping the club.
#15
Liverpool are shite end of, i'm glad they're where they are it's about time, i hope they sink further into trouble. I can't stand the whole setup down to that fucking annoying song.
Last edited by BRAMMER; 06-10-2010 at 02:46 PM.
#16
the company trying to buy liverpool is NESV New England Sports Ventures. they are fronted by John W Henry, an ex big time banker, and wall street guy, but are a total of 17 different people/companys, including, the New York Times Company, a media company responsible for the New York Times newspaper. all of the people and companys involved in NESV, are successful in there business feilds, and are also experienced in the sports world as they own the Boston Red Sox baseball team, who were in pretty much the same position liverpool are now when they bought them. they also own/run Fenway Park, Fenway Sports Group, and Roush Fenway Racing, a NASCAR team. everything they have undertaken sports wise, has been a success, and the teams are in a lot better position now, then when NESV took over.
hopefully roy will have some money to spend in january fiddy
cheers shaun
#17
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#19
the company trying to buy liverpool is NESV New England Sports Ventures. they are fronted by John W Henry, an ex big time banker, and wall street guy, but are a total of 17 different people/companys, including, the New York Times Company, a media company responsible for the New York Times newspaper. all of the people and companys involved in NESV, are successful in there business feilds, and are also experienced in the sports world as they own the Boston Red Sox baseball team, who were in pretty much the same position liverpool are now when they bought them. they also own/run Fenway Park, Fenway Sports Group, and Roush Fenway Racing, a NASCAR team. everything they have undertaken sports wise, has been a success, and the teams are in a lot better position now, then when NESV took over.
When he bought leyton orient my mate who is a fan was over the moon as he was positive that if anyone could make a success of football it was Barry Hearn.
He failed miserably.
English football is a very unique game IMHO, and trying to make it financially viable is no mean feat even for sport business geniuses.
#21
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Barry Hearn had a similarly impressive record, single handedly turning snooker into a multimillion pound spectator sport from pretty much nothing among other amazing acheivements in the world of sports and business.
When he bought leyton orient my mate who is a fan was over the moon as he was positive that if anyone could make a success of football it was Barry Hearn.
He failed miserably.
English football is a very unique game IMHO, and trying to make it financially viable is no mean feat even for sport business geniuses.
When he bought leyton orient my mate who is a fan was over the moon as he was positive that if anyone could make a success of football it was Barry Hearn.
He failed miserably.
English football is a very unique game IMHO, and trying to make it financially viable is no mean feat even for sport business geniuses.
#22
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From: Newton Aycliffe County Durham
Martin Broughton has just done an interview with skysports,
here's the video
http://www.skysports.com/story/0,195...431042,00.html
here's the video
http://www.skysports.com/story/0,195...431042,00.html
#23
I know we have two american owners that know nothing about football and care nothing about liverpool their supporters or anything but money.
Lets get rid of them and get in people exactly the same except instead of ice hockey they like baseball!
your getting your hopes up again mate. Just like all the liverpudlians that did the day Hodgson was appointed.
Lets get rid of them and get in people exactly the same except instead of ice hockey they like baseball!
your getting your hopes up again mate. Just like all the liverpudlians that did the day Hodgson was appointed.
#24
And generally you cant make a fortune in football without a big Ground. at least far bigger than waht you have, which is why everyone that talks about taking over liverpool targets the ground first.
They must sort that first....... Well keep you up first then the ground lol.
They must sort that first....... Well keep you up first then the ground lol.
#26
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I know we have two american owners that know nothing about football and care nothing about liverpool their supporters or anything but money.
Lets get rid of them and get in people exactly the same except instead of ice hockey they like baseball!
your getting your hopes up again mate. Just like all the liverpudlians that did the day Hodgson was appointed.
Lets get rid of them and get in people exactly the same except instead of ice hockey they like baseball!
your getting your hopes up again mate. Just like all the liverpudlians that did the day Hodgson was appointed.
i dont care if there american, chinese, afghan, indian, australian, canadian, or from pluto, if there the rite people for the job, the new owner could be satan himself, as far as i care
#28
evidently said with the rose tinted manc glasses on, and not on the cold, hard, facts, or reputation, of the the people who want to buy the club.
i dont care if there american, chinese, afghan, indian, australian, canadian, or from pluto, if there the rite people for the job, the new owner could be satan himself, as far as i care
i dont care if there american, chinese, afghan, indian, australian, canadian, or from pluto, if there the rite people for the job, the new owner could be satan himself, as far as i care
even if what i said is manc tinted can you not even see/admit that every bit that you have said and ever say about liverpool on here is so rediculously tinted that all you must see is red!
Last edited by Ebonycossie4x4; 06-10-2010 at 04:16 PM.
#29
Chelsea wouldnt be that fucked!! They should be self sufficeint in a few years, as that was always Abramovich's plan!! Build/buy a team for the here and now, spend a fortune on the youth system so he hasnt got to buy players, bar mayveba marquee signing!! When was the last time a Chelsea manager had a open cheque book?? The team that won the league last season was largely Mourinho's team.......
#30
I would say chelsea are a more stable team than utd at moment as we are happy woith our owner unlike you prawn sandwich brigade whingers,always thinking the world of sport owes you something like liverpool living on ancient history
#31
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Chelsea wouldnt be that fucked!! They should be self sufficeint in a few years, as that was always Abramovich's plan!! Build/buy a team for the here and now, spend a fortune on the youth system so he hasnt got to buy players, bar mayveba marquee signing!! When was the last time a Chelsea manager had a open cheque book?? The team that won the league last season was largely Mourinho's team.......
I hope so m8 i wouldnt want to see any team go bust.
#36
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if this deal goes through, liverpool football club have a HUGE thank you to say, to MR Broughton. he promised the fans, by the time the club was sold, he would make sure it was in the best hands possible, and would not, let the club fall into the hands of another gillette and hicks.
most of us didnt believe him, as he is a life long chelsea fan, and wont even come near anfield when we play chelsea, but if this deal comes off, and the potential new owners do what they say they will, we have a lot to thank MR Broughton for, because he will be the first man, involved in the Liverpool board room, in the last 4 years, who has actually acted in the best interest of the club, and coming from a life long chelsea fan, that speaks volumes about the type of man Martin Broughton really is.
Last edited by Fiddy; 06-10-2010 at 07:42 PM.
#39
Yes flipper sounds mad at first but Fiddy is right. When RBS were getting more involved they essentially lost power at the club and its their own fault really. They tried to sack some of the board so they couldn't be voted against and now statements are on the official site like that which they can't do a lot about. Whereas you look at the Glaziers and they have Joel and Avram etc on the board so that can't happen.
They must be pissed (as businessmen and how they work) that they won't make anything after 3 years, just wasted time. Its there own fault really, should buy things or try do things you can't really afford.
They must be pissed (as businessmen and how they work) that they won't make anything after 3 years, just wasted time. Its there own fault really, should buy things or try do things you can't really afford.
#40
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Yes flipper sounds mad at first but Fiddy is right. When RBS were getting more involved they essentially lost power at the club and its their own fault really. They tried to sack some of the board so they couldn't be voted against and now statements are on the official site like that which they can't do a lot about. Whereas you look at the Glaziers and they have Joel and Avram etc on the board so that can't happen.
They must be pissed (as businessmen and how they work) that they won't make anything after 3 years, just wasted time. Its there own fault really, should buy things or try do things you can't really afford.
They must be pissed (as businessmen and how they work) that they won't make anything after 3 years, just wasted time. Its there own fault really, should buy things or try do things you can't really afford.