Hicks Loses Bid To Block Liverpool Sale To Henry

Oct 13 2010 | 11:43am ET

Managed futures hedge fund manager John Henry is poised to add an English soccer team to his sports empire after a British court rejected private equity veteran Tom Hicks' bid to block the sale.

The High Court ruled that Hicks and George Gillett, the current co-owners of Liverpool Football Club, could not block the sale. Hicks and Gillett admitted that the had breached their contract with lenders Royal Bank of Scotland by trying to fire a pair of board members in an effort to head off a sale to Henry's New England Sports Ventures, which owns baseball's Boston Red Sox.

"I am not prepared to grant any relief," the judge said, after noting that Hicks and Gillett had made the "clearest possible breach" of corporate governance rules and that Liverpool's situation was "highly unsatisfactory." If he did grant relief, the judge said, "it would risk stopping the sale."

"Well done Martin, Christian and Ian," Henry wrote on his Twitter account, referring to Liverpool chairman Martin Broughton and two other board members. "Well done RBS. Well done supporters!"

Hicks and Gillett will be invited to a board meeting today to discuss the team's sale. In addition to the US$477 million deal with NESV, Liverpool has at least one other, larger offer, on the table from Singaporean billionaire Peter Lim.

"We're delighted with the result," Broughton said. "Justice has been done. This will clear the way for the sale."


In Depth

Q&A: Executive Recruiter Talks Hedge Fund Closures, Hiring Trends

Dec 19 2014 | 6:58am ET

This year, hedge funds have been closing at a rate not seen since the financial...

Lifestyle

Cooper-Hohn Won't Contest Divorce Settlement

Dec 18 2014 | 9:51am ET

The ex-wife of hedge fund billionaire Christopher Hohn will not contest a divorce...

Guest Contributor

Alternative Investment Funds Face A Communications Imperative

Dec 19 2014 | 6:10am ET

A handful of the top alternative investment firms on both sides of the Atlantic...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.