Red Sox owner completes Liverpool FC buy

Oct. 16, 2010 at 3:26 PM
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BOSTON, Oct. 16 (UPI) -- Boston Red Sox owner John Henry says he and his company have completed their controversial purchase of the debt-laden British soccer club Liverpool FC.

Henry proceeded with the $476 million hostile takeover of the once-proud club Friday after its American owners, Tom Hicks and George Gillett, dropped a restraining order and gave up a bitter legal battle to scuttle the sale, The Boston Globe reported.

Hicks, the former owner of the Texas Rangers baseball club, and Gillett faced a looming deadline to repay a massive loan to the Royal Bank of Scotland and fought Henry's bid as being too low.

The pair were able to delay the sale Wednesday after obtaining a restraining order from a Texas court but dropped the case Friday as the bank's deadline approached, the newspaper said.

Henry's company, New England Sports Ventures, issued a statement it is committed to restoring Liverpool's winning tradition.

"We have a history of winning, and today we want LFC supporters to know that this approach is what we intend to bring to this great club," the statement said.

Hicks, meanwhile, blasted the move, telling Sky Sports News it was an "epic swindle" and promising more legal action.

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