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Update: sport

The onside law team consider the football creditor rule, spot-fixing, and the recent rise in super injunctions

25 October 2010

In February 2007, Tom Hicks and George Gillett acquired the entire issued share capital of Liverpool Football Club for £174m, taking on a debt of £45m and promising to fund the construction of a new stadium.

After several refinancing packages had been implemented, Liverpool FC and its parent companies were due to repay £237m to its lenders (The Royal Bank of Scotland and Wachovia) in April 2010. The lenders agreed to extend the loan facilities for six months, but in return Martin Broughton, the chairman of British Airways, was appointed as chairman of Liverpool FC and its parent companies to realise a sale of the club, with new corporate governance arrangements, in the form of undertakings given by Hicks and Gillett to the lenders, put in place to help achieve this goal. The loan facilities would be repayable on 15 October 2010.

In early October 2010 the board of Liverpool FC accepted an offer for the club from New England Sports Ventures.

Immediately before t...

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