two new bids to buy the club..

[J B]

LFC board at war as multi-millionaire John W Henry bids for the club

 

Oct 6 2010 By John Thompson & Ben Schofield

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The Shankly Gates at Anfield

 

The Shankly Gates at Anfield 300

 

WAR has broken out in the campaign to rescue Liverpool Football Club from its ownership crisis.

 

The club issued a dramatic statement late last night saying it has received two top class bids to buy the Reds.

 

But hours before an Anfield board meeting was called to discuss them yesterday, American co-owners Tom Hicks and George Gillett sensationally tried to sack managing director Christian Purslow and commercial director Ian Ayre.

 

Instead the Americans tried to replace the Reds’ two top boardroom executives – both lifelong Liverpool fans – with their own new people – Mack Hicks and Lori Kay McCutcheon.

 

Mack Hicks is the son of Texan Tom Hicks senior, while McCutcheon is vice-president and financial controller of Hicks Holdings.

 

The ECHO can confirm one of the bidders for the Reds involves the owner of the Boston Reds Sox baseball team, John W Henry, a multi-millionaire Wall Street trader.

 

The second bidder is from Asia but is not linked to Kenny Huang, who led a Chinese consortium interested in investing in Liverpool this summer.

 

The ECHO understands a sale is very close, unless Hicks and Gillett succeed with their legal challenge to the make-up of the board.

 

The fact that it is two members of the Hicks camp the owners are trying to shoehorn on to the board also suggests George Gillett’s influence at Anfield is now minimal.

 

No-one at Anfield would today comment, confirm the claims or discuss any details at all regarding the official statement issued.

 

All three key parties – Hicks, Gillett and the three remaining board members – have consulted lawyers to try to break the stalemate.

 

The ECHO understands meetings continued all night at Anfield, with the non-owners on the board clearly maintaining control of the club’s official website which issued last night’s extraordinary statement.

 

It read: "The Board of Directors have received two excellent financial offers to buy the Club that would repay all its long-term debt.

 

"A Board meeting was called today to review these bids and approve a sale.

 

"Shortly prior to the meeting, the owners – Tom Hicks and George Gillett – sought to remove managing director Christian Purslow and commercial director Ian Ayre from the Board, seeking to replace them with Mack Hicks and Lori Kay McCutheon.

 

"This matter is now subject to legal review and a further announcement will be made in due course.

 

"Meanwhile Martin Broughton, Christian Purslow and Ian Ayre continue to explore every possible route to achieving a sale of the Club at the earliest opportunity."

 

The hugely dramatic development clearly pitches at least two of Anfield’s non-owner directors – Purslow and Ayre – publicly against the American co-owners.

 

Hicks and Gillett are due to repay their loans – belatedly taken out to buy the club three years ago – later this month.

 

Last week Purslow made it clear in an interview that the Reds’ non-owner directors would firmly resist any bid by the Americans to refinance those loans.

 

Hicks and Gillett are, it seems, furious that a coup attempt is now being made to drive them out of Anfield, without them getting the huge profits they had hoped for from a sale of the crisis-hit club.

 

The pair, who have been the target of a long-running fans campaign to oust them led by the Spirit of Shankly and others, agreed publicly to sanction a sale of the club in spring after an offer of investment from the New York based Rhone group (£110m for 40%) was rejected by them.

 

It all means the battle for the future of Britain’s most successful ever football club may well now be fought out in the courts, who must decide who holds sway going forward – Hicks and Gillett or Purslow, Ayre and Broughton.

 

British Airways chairman Broughton was brought in by Barclays to oversee the sale process.

 

Liverpool are currently paying between £30m and £40m a year in crippling interest payments to service the Hicks and Gillett loans.

 

Today fans union Spirit of Shankly said supporters will want to probe any bidder to make sure the club ends up in the right hands.

 

James McKenna, spokesman for SoS, said: "Liverpool is engulfed in a board room war.

 

"The club statement underlines the need we have – Hicks and Gillett aren’t good enough for Liverpool Football Club."

 

 

Read More Liverpool Echo - Liverpool FC - News - LFC board at war as multi-millionaire John W Henry bids for the club

 

Read More Liverpool Echo - Liverpool FC - News - LFC board at war as multi-millionaire John W Henry bids for the club

[23CARRAGOLD]

 

The Boston Globe’s Red Sox reporter Peter Abraham told the ECHO: "He is a very interesting guy. He made all his money in hedge funds.

 

 

:wallbutt:

[J B]

LFC board at war as multi-millionaire John W Henry bids for the club

 

Oct 6 2010 By John Thompson & Ben Schofield

Comment (1)

Recommend (2)

 

* 1

* 2

* next

 

The Shankly Gates at Anfield

 

The Shankly Gates at Anfield 300

 

WAR has broken out in the campaign to rescue Liverpool Football Club from its ownership crisis.

 

The club issued a dramatic statement late last night saying it has received two top class bids to buy the Reds.

 

But hours before an Anfield board meeting was called to discuss them yesterday, American co-owners Tom Hicks and George Gillett sensationally tried to sack managing director Christian Purslow and commercial director Ian Ayre.

 

Instead the Americans tried to replace the Reds’ two top boardroom executives – both lifelong Liverpool fans – with their own new people – Mack Hicks and Lori Kay McCutcheon.

 

Mack Hicks is the son of Texan Tom Hicks senior, while McCutcheon is vice-president and financial controller of Hicks Holdings.

 

The ECHO can confirm one of the bidders for the Reds involves the owner of the Boston Reds Sox baseball team, John W Henry, a multi-millionaire Wall Street trader.

 

The second bidder is from Asia but is not linked to Kenny Huang, who led a Chinese consortium interested in investing in Liverpool this summer.

 

The ECHO understands a sale is very close, unless Hicks and Gillett succeed with their legal challenge to the make-up of the board.

 

The fact that it is two members of the Hicks camp the owners are trying to shoehorn on to the board also suggests George Gillett’s influence at Anfield is now minimal.

 

No-one at Anfield would today comment, confirm the claims or discuss any details at all regarding the official statement issued.

 

All three key parties – Hicks, Gillett and the three remaining board members – have consulted lawyers to try to break the stalemate.

 

The ECHO understands meetings continued all night at Anfield, with the non-owners on the board clearly maintaining control of the club’s official website which issued last night’s extraordinary statement.

 

It read: "The Board of Directors have received two excellent financial offers to buy the Club that would repay all its long-term debt.

 

"A Board meeting was called today to review these bids and approve a sale.

 

"Shortly prior to the meeting, the owners – Tom Hicks and George Gillett – sought to remove managing director Christian Purslow and commercial director Ian Ayre from the Board, seeking to replace them with Mack Hicks and Lori Kay McCutheon.

 

"This matter is now subject to legal review and a further announcement will be made in due course.

 

"Meanwhile Martin Broughton, Christian Purslow and Ian Ayre continue to explore every possible route to achieving a sale of the Club at the earliest opportunity."

 

The hugely dramatic development clearly pitches at least two of Anfield’s non-owner directors – Purslow and Ayre – publicly against the American co-owners.

 

Hicks and Gillett are due to repay their loans – belatedly taken out to buy the club three years ago – later this month.

 

Last week Purslow made it clear in an interview that the Reds’ non-owner directors would firmly resist any bid by the Americans to refinance those loans.

 

Hicks and Gillett are, it seems, furious that a coup attempt is now being made to drive them out of Anfield, without them getting the huge profits they had hoped for from a sale of the crisis-hit club.

 

The pair, who have been the target of a long-running fans campaign to oust them led by the Spirit of Shankly and others, agreed publicly to sanction a sale of the club in spring after an offer of investment from the New York based Rhone group (£110m for 40%) was rejected by them.

 

It all means the battle for the future of Britain’s most successful ever football club may well now be fought out in the courts, who must decide who holds sway going forward – Hicks and Gillett or Purslow, Ayre and Broughton.

 

British Airways chairman Broughton was brought in by Barclays to oversee the sale process.

 

Liverpool are currently paying between £30m and £40m a year in crippling interest payments to service the Hicks and Gillett loans.

 

Today fans union Spirit of Shankly said supporters will want to probe any bidder to make sure the club ends up in the right hands.

 

James McKenna, spokesman for SoS, said: "Liverpool is engulfed in a board room war.

 

"The club statement underlines the need we have – Hicks and Gillett aren’t good enough for Liverpool Football Club."

 

 

Read More Liverpool Echo - Liverpool FC - News - LFC board at war as multi-millionaire John W Henry bids for the club

 

Read More Liverpool Echo - Liverpool FC - News - LFC board at war as multi-millionaire John W Henry bids for the club

[RedKnight]

Henry bidding for English soccer team - Extra Bases - Red Sox blog

 

More on this story to come as details are learned. But a source has told the Globe that New England Sports Ventures, the company that owns the Red Sox, has placed a very competitive bid on Liverpool AC of the English Premier League.

 

The soccer team is owned by financially troubled former Texas Rangers owner Tom Hicks and his partner, George Gillett. Hicks is said to not be interested in selling but the team's independent board of directors has approved the submission of offers from New England Sports Ventures (John Henry, Tom Werner and Larry Lucchino) and an Asian group.

 

UPDATE, 7:24 p.m.: This was posted on the Liverpool web site:

 

The Board of Directors have received two excellent financial offers to buy the Club that would repay all its long-term debt. A Board meeting was called today to review these bids and approve a sale. Shortly prior to the meeting, the owners - Tom Hicks and George Gillett - sought to remove Managing Director Christian Purslow and Commercial Director Ian Ayre from the Board, seeking to replace them with Mack Hicks and Lori Kay McCutcheon.

 

This matter is now subject to legal review and a further announcement will be made in due course.

 

Meanwhile Martin Broughton, Christian Purslow and Ian Ayre continue to explore every possible route to achieving a sale of the Club at the earliest opportunity.

 

The Henry group has placed one of two bids for the team, according to SkySports.com. Broughton, the club chairman, called the bids "credible", and the report says negotiations are ongoing. Liverpool, whose board of directors has been engaged in a battle for control of the team, has until Oct. 15 to repay debts of about $450 million to the Royal Bank of Scotland.

 

According to The Telegraph, both the New England Sports Ventures Bid and the competing bid are for somewhere between $445 and $475 million.

 

The AP reports that Hicks and Gillett won't accept the bids because they match only what Hicks and Gillett paid for the club in 2007.

[Cherry Ghost]

Bring on the day they find Hicks hiding in a hole in the texas desert in his underpants and we bring him back here for trial, that's after his spawn has been eliminated.

[Dougie Do'ins]

A bit of a pipe dream at the moment, but imagine being the man at the helm who ends the Red Sox 86 year drought and also oversees our first title since 1990?

The fella would never have to buy a drink in Boston or Liverpool ever again!

I seem to remember Gillett arriving at Anfield with the same accolades. Hadn't his Ice hockey team just won the Stanley Cup for the first time in ages ? Worked out well for us didn't he.

[Sinos]

I've been reliably informed that Ayre, Purslow and Broughton this week blocked a refinancing offer that Hicks and Gillett put to the board. They were using the ground Melwood etc up as clout to get refinance.

 

Coop you maybe right here, maybe they have no power at all to carry out the sackings today. His statement tonight fills me with a little hope.

 

atk,

 

Do you have the name of company that was willing to provide the finance so we an start e-mailing them?

[WaltonRed]

"Meanwhile Martin Broughton, Christian Purslow and Ian Ayre continue to explore every possible route to achieving a sale of the Club at the earliest opportunity."

 

re-reading that its a blatent two fingers to Tom Hicks if ever there was one.

 

They could of just put 'the board' but by naming Purslow and ayre its saying we've fucking had enough of you you fucking fraud now kindly fuck off.

[Durango]

I know that.

 

I'm just saying that if the 3 directors had any info/doubts in their mind about RBS extending the loan, would they have released that bold statement in official site?

 

Speculation of course but just thinking loud.

This is typical bullish shite from Hicks.

 

Like i said earlier,the owners can't have it both ways, they won't sell for market price and won't pay their outstanding loan.

 

To me it's, accept one of the bids that the other board members recommend or risk repossession, the choice is there's.

[RedKnight]

Whilst the comparisons are there to be made, the Red Sox finally winning the World Series had very little to do with ownership and more to do with the right players and right amount of luck. They 3-0 in the ALCS to the Yankees and came back to win 4-3.

[Faustus]

I seem to remember Gillett arriving at Anfield with the same accolades. Hadn't his Ice hockey team just won the Stanley Cup for the first time in ages ? Worked out well for us didn't he.

 

True, true- I re-read the article and missed the hedge funds part first time around.

 

I got a little bit carried away then, but we deffo have to learn from our mistakes and be more vigilant towards any potential new owner/s.

[TheHowieLama]

more proof

 

 

 

 

Cube!

even Easy E wouldnt wear a Red Sox hat (though I think Marky Mark used to)

[Menc]

Liverpool takeover becomes soap opera

 

Let's call it Kopside, the soap opera of Liverpool Football Club's attempts to find a new owner and avoid being placed into administration.

 

With just ten days left before Royal Bank of Scotland would seize control of the club as its main creditor, the club has announced that it is negotiating with two bidders it regards as credible, one of which is the owner of the US Boston Red Sox baseball team, John Henry.

 

These bidders are prepared only to offer between £250m and £300m, enough to pay off Liverpool's bank creditors, led by Royal Bank of Scotland - but not enough to provide any recompense to the club's current owners, Tom Hicks and George Gillett.

 

So in an apparent attempt to frustrate the takeover, Mr Hicks and Mr Gillett have sought to remove two Liverpool directors, Christian Purslow and Ian Ayre.

 

But their tactics are dangerous - because Royal Bank of Scotland has made it clear that if no takeover is agreed by next Friday, it will put the club into administration and then sell it to on.

 

RBS's resolve to do just that will have been reinforced by the disclosure that there are two bidders with the resources to pay off all long term debt.

 

As I've mentioned before, if Liverpool goes into administration Mr Hicks' and Mr Gillett's investment in the club of £140m or so would be totally wiped out.

 

Messrs Hicks and Gillett look as though they're perched precariously between the devil and the dark blue water - or are they being squeezed between the inhabitants of the Kop, who detest them, and the occupants of the Anfield Road Stand, who loathe them?

 

That said, the club's chairman, Martin Broughton, would like to avoid administration if possible - since the automatic deduction of nine points from Liverpool's derisory Premier League tally would make it difficult even for a revitalised Liverpool to break free of the relegation zone.

 

BBC - Peston's Picks: Liverpool takeover becomes soap opera

[Cij]

RBS aren't accepting any bids for the Club,

Broughton,Purslow and Ayers are.

RBS can't make Hicks and Gillett sell the club to anyone,they can however call the loan in

 

That is it in a nutshell. Essentially this can only go one of four ways:-

 

1. Hicks and / or Gillet securce refinancing and repay the RBS loans. This is very unlikely as they would need to obtain Board approval to use the Club's assets as security for any new facility and there is no reason to believe a majority of the Board would support such a proposal;

 

2. The Club accepts a bid and the RBS loans are repaid in full with the Yanks getting turfed out on their ear with the net proceeds of sale following redemption of the RBS loan;

 

3. The Yanks default on the RBS Loan and the bank calls in their security and sells the Club to whoever offers them enough to clear the debts;

 

4. RBS agrees to refinance the loan. I presume this would also need Board approval but it is important to keep the pressure on RBS so that they do not even consider this option.

[TheHowieLama]

Whilst the comparisons are there to be made, the Red Sox finally winning the World Series had very little to do with ownership and more to do with the right players and right amount of luck. They 3-0 in the ALCS to the Yankees and came back to win 4-3.

 

A few years of Theo Epstein helped a little.

[d.k.E.]

To be honest, what with the build-up in public opinion anyway in recent days, plus the official statement put out today, a Hicks/Gillet refinancing would have a very short lifespan anyway..there would be such a galvanisation of fan opposition, they would have no chance.

[Funkasy]

so there is not another statement from the club tonight ?

[Coro]

Coro, Purslow is not the devil that is painted, lets not beat about the bush, Purslow is hated because of the sos statement and the fact he was instrumental in sacking Rafa. And with that decision came the end of the cosy little Rafa chats.

 

He has worked his plums off making sure he blocks those deals. And if he does walk off with a million pound and the club is in safe hands, then I would not blink an eyelid at it.

 

Sorry, i cannot ignore his previous relations with Hicks nor the fact he tried to undermine the supporters union nor the lies he's spun whilst acting MD of this club. I'm still bemused by the lack of clarity around his role at the club and why it took so long to know who actually hired him, that being Hicks and Gillett themselves.

 

Absolutely nothing to do with Benitez, i couldn't give one single solitary shite about Benitez to be bluntly honest with you.

 

Just like Broughton being mates with Klein who is mates with Hicks and has a vested interest in Hicks Acquisition Comapny II, the company where Hicks will more than likely find his funds to refinance, has absolutely nothing to do with Benitez.

 

I remain cynical until the end.

[JMARKH]

someone on rawk said these red sox owners havent invested in the team for a long time and the Yankees are buying all the best players, they can fuck off, I dont want them

[Cherry Ghost]

So it comes down to who can deposit $450m in an RBS bank account by next friday, Broughton appears to have two people willing to stump up that money. Unlikely but if Hicks can find a sucker we're sunk, but board surely would have not broken cover 10 days early if they thought this was a realistic possibility unless they need that time period to close the deal and took the risk with confidence.

[Sangria]

Coro, Purslow is not the devil that is painted, lets not beat about the bush, Purslow is hated because of the sos statement and the fact he was instrumental in sacking Rafa. And with that decision came the end of the cosy little Rafa chats.

 

He has worked his plums off making sure he blocks those deals. And if he does walk off with a million pound and the club is in safe hands, then I would not blink an eyelid at it.

 

 

To some degree Al he did himself no favours but I honestly think he is fighting the cause.

As you say and I would go further and I would praise the fella if he pulls it off, batting an eyelid would not come into it.

 

 

 

 

Oh and you would still be shit at golf.

[RedKnight]

A few years of Theo Epstein helped a little.

 

True, and bringing him on board can be a tick for the owners.

[Carra_is_legend]

Mr. U, got any inside info?

[J B]

Nicked off RAWK:

 

 

'My mate is a born and raised Bostonian - been mad about the Sox since he was small. Smart lad, thoughtful fan - his opinion:

 

"John Henry? I think he's been a fantastic owner. He's balanced, knows how to delegate in that he hires smart & knowledgeable people to run the show and trusts their opinions in doing so. He's shown at each step that he values a robust "system" over short term flash, but at the same time is willing to go after short term flash if it's the piece that will help you win. He's the reason that the Sox won in '04 & '07, and the reason they've been competitive pretty much every year since he got in. If he ends up with the team, you should be pleased."'

[RedKnight]

someone on rawk said these red sox owners havent invested in the team for a long time and the Yankees are buying all the best players, they can fuck off, I dont want them

 

Well they'd be wrong by a long stretch.

 

N.Y. Yankees $206,333,389 $8,253,336

 

Boston 162,747,333 5,611,977

 

Chicago Cubs 146,859,000 5,439,222

 

Philadelphia 141,927,381 5,068,835

 

New York Mets 132,701,445 5,103,902

 

Detroit 122,864,929 4,550,553

 

Chicago White Sox 108,273,197 4,164,354

 

Los Angeles Angels 105,013,667 3,621,161

 

Seattle 98,376,667 3,513,452

 

San Francisco 97,828,833 3,493,887

 

Minnesota 97,559,167 3,484,256

 

Los Angeles Dodgers 94,945,517 3,651,751

 

St. Louis 93,540,753 3,741,630

 

Houston 92,355,500 3,298,411

 

Atlanta 84,423,667 3,126,802

 

Colorado 84,227,000 2,904,379

 

Baltimore 81,612,500 3,138,942

 

Milwaukee 81,108,279 2,796,837

 

Cincinnati 72,386,544 2,784,098

 

Kansas City 72,267,710 2,491,990

 

Tampa Bay 71,923,471 2,663,832

 

Toronto 62,689,357 2,089,645

 

Washington 61,425,000 2,047,500

 

Cleveland 61,203,967 2,110,482

 

Arizona 60,718,167 2,335,314

 

Florida 55,641,500 2,060,796

 

Texas 55,250,545 1,905,191

 

Oakland 51,654,900 1,666,287

 

San Diego 37,799,300 1,453,819

 

Pittsburgh 34,943,000 1,294,185

 

2010 Baseball Payrolls, List - MLB - CBSSports.com Baseball

 

The Yankees have always spent the most. Always.