Liverpool FC Sell To Red Sox

New England Sports Ventures (NESV) successfully completed their takeover bid of Liverpool Football Club earlier this week. The high profile company, owner of the Boston Red Sox, had faced a long and expensive legal battle with previous owners George Gillette and Tom Hicks to take control of the club. The 300 million sale has caused fans to rejoice as the clubs massive debts have been written off.

Former owners George Gillette and Tom Hicks took out a loan from the Royal Bank of Scotland to purchase the club in 2007 which has since caused a series of crises. The club had till 15 October this year to repay debts or face being taken as an asset by the bank. RBS's position on the loan had deterred potential buyers from placing a formal bid and to make matters worse Hicks and Gillette refused to budge on their massive 800 million asking price for the club.

When NESV began talks with RBS over the sale of the club, Hicks and Gillette immediately enlisted the help of a Texas court to block the sale. Due to UK regulations this was lifted this week. What has become apparent over the past years is the pair's blatant disregard for the future of the club as they desperately attempt to line their own pockets. They were reluctant to sell to NESV as it became apparent they would make an extremely small return on the sale. They are not launching a legal battle against the bank to claim $1.6 billion in compensation.

Aside from the distasteful activities of Hicks and Gillette, NESV's primary owner John W. Henry has promised fans that their beloved club will be returned to its full greatness. He is investigating improvements at the clubs ground Anfield or a potential move to a brand new stadium. Speaking positively about the future, he said that the clubs new owners are "committed first and foremost to winning" and are determined to get Liverpool out of the relegation zone.

Liverpool have made their worst start to the season for decades and is currently languishing in the relegation zone. Liverpool manager Roy Hodgson believes a cloud will be lifted from Anfield and hopes that players can now focus on perfecting their game. However, the news failed to spur Liverpool into action at the weekend's Merseyside Derby match as they suffered a 2-0 defeat against rivals Everton.

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