15 October 2010

Hicks & Gillett: Clutching at Straws

Liverpool fans are regarded as being one of the more knowledgeable bunch of fans when it comes to all things football and even more so when it comes to their own club. Well, more recently you can throw in a lot more knowledge into that pot. In fact, a bit too much for your average football fan to comprehend. But, being the loyal supporters that we are, every attempt is and was made to fully understand what the hell exactly is going wrong on at the club.

Around this time last year, fans were bombarded with talk that Liverpool were going under because the club's auditors had raised some doubt as to the ability of the club (more specifically, its holding company) to continue as a going concern. Hicks and Gillett's leveraged buy-out of the club was confirmed and and it was plain for all to see that their plan wasn't working too well. All of a sudden, a good bunch of fans were also financial experts.

Then, just over a week ago the gates of legal hell were opened when Liverpool's proposed sale to NESV was questioned and subsequently dragged to court. There were scenes of jubilation at the courts after RBS' view on the situation was favoured over the current owners'. That was meant to be end of that story but no. Not for old Hicks & Gillett. Like the villain in a horror flick who just refuses to die, they've managed resurrect their chances and have filed some sort of counter-claim in Dallas, Texas.


What's some district court in Dallas got to do with Liverpool? Well, seemingly a lot considering that Kop Holdings' primary place of business is legally considered to be in the Lone Star State. Old Man Hicks's lawyers are of the view that the Board's sale to NESV is some sort of English conspiracy between the two and RBS to undervalue Liverpool. You know what? The conspiracy bit is probably true but the undervaluing bit? That's all you, Mr. Hicks. You and your pal George.

In short, all this means is that all this legal wrangling will drag on and on until all possible legal avenues are exhausted. A process that can drag on for a very, very long time.

Oh, and if there's any doubt that Hicks and Gillett are the cause of this whole mess, the recent events should be enough proof. Unless you're Harry Redknapp of course. And I thought Jamie was bad...

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