Liverpool reaches settlement with former owners

Hicks, a former owner of the Texas Rangers, and Gillett, who used to own the Montreal Canadiens, bought Liverpool in 2007 following a leveraged takeover but were forced to put the club up for sale three years later after struggling to meet repayments.

updated: January 12, 2013 00:33 IST
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Liverpool: Former Liverpool owners Tom Hicks and George Gillett have dropped their legal action against the Premier League club after agreeing to an out-of-court settlement, ending a bitter dispute that lasted more than two years.

The American businessmen lost control of Liverpool in what they claimed was an "epic swindle" by club directors and a bank in October 2010, when the 18-time English league champions were bought for 300 million pounds (then $476 million) by the parent company of the Boston Red Sox.

Hicks and Gillett said the club was sold at a "substantial undervalue" and claimed the Royal Bank of Scotland and then-Liverpool directors Martin Broughton, Christian Purslow and Ian Ayre "deliberately" blocked attempts to refinance the club's debt.

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