Tuesday 28 March 2017

Liverpool takeover timeline

2007

January - Liverpool reveal American businessman George Gillett has made an approach "which may or may not" lead to a takeover offer. Liverpool board meet to discuss Gillett proposal after deciding not to formally accept a bid from Dubai International Capital. DIC pull out of takeover.

February - Tom Hicks emerges as joint bidder with Gillett. Liverpool agree to the terms offered by Gillett and Hicks to purchase the club's entire issued share capital.

March - Gillett and Hicks' Kop Football announces to the Stock Exchange they have met the acceptance condition of 75pc required to secure unconditional control of the club. Gillett promises work on the new Stanley Park stadium will begin immediately, stating: "The spade needs to be in the ground within 60 days."

November - Manager Rafael Benitez and the owners publicly fall out over transfer targets. Gillett and Hicks tell Benitez to "concentrate on training and coaching the players he already has".

2008

January - Hicks admits they had made an approach to former Germany manager Jurgen Klinsmann, with a view to replacing Benitez.

April - It emerges that Gillett and Hicks are barely on speaking terms, making future planning at the club almost impossible.

2009

March - Chief executive Rick Parry, having been criticised by Hicks months earlier, announces he will be leaving the club at the end of the season.

June - Financial expert Christian Purslow is appointed managing director and is tasked with finding £100m (€114m) of fresh investment to help satisfy Liverpool's creditors with debts reported to be $271m.

2010

January - Tom Hicks Jnr resigns from the board after a foul-mouthed email rant at a fan. As a result commercial director Ian Ayre and financial director Philip Nash are added to the board.

March - New York-based private equity firm the Rhone Group make £110m (€125m) bid for a 40pc stake in Liverpool but Hicks and Gillett fail to respond within the deadline.

April - Hicks and Gillett put the club up for sale, and announce the appointment of Martin Broughton as interim chairman to oversee the sale. A requirement of major creditors Royal Bank of Scotland is a change on the new board, with Broughton, Purslow and Ayre having a majority vote to prevent the Americans blocking a sale.

May - Financial results for the year ending July 2009 show the club made a record pre-tax loss of £54.9m (€62.8m), with interest repayments on loans undertaken by Hicks and Gillett accounting for £40.1m (€45.8m) of that.

October 5 - Liverpool announce they have received two "excellent" bids. Hicks and Gillett try but fail to oust Purslow and Ayre to prevent a sale. The Americans claim bids undervalue the club and pledge to fight for a fair price.

October 6 - Liverpool confirm they have accepted a bid, believed to be €345m, from New England Sports Ventures, who also own the Boston Red Sox baseball team. Sale would clear all acquisition debt but is subject to possible legal challenge from the owners and Premier League approval.

October 7 - Hicks and Gillett launch legal challenge against NESV's proposed takeover.

October 8 - Premier League give their approval to NESV deal.

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