Liverpool reaches settlement with former owners
LIVERPOOL, England (AP) — Former Liverpool owners Tom Hicks and George Gillett have dropped their legal action against the Premier League club after agreeing to an out-of-court settlement, ending a bitter dispute that lasted more than two years.
The American businessmen lost control of Liverpool in what they claimed was an "epic swindle" by club directors and a bank in October 2010, when the 18-time English league champions were bought for 300 million pounds (then $476 million) by the parent company of the Boston Red Sox.
Hicks and Gillett said the club was sold at a "substantial undervalue" and claimed the Royal Bank of Scotland and then-Liverpool directors Martin Broughton, Christian Purslow and Ian Ayre "deliberately" blocked attempts to refinance the club's debt.
They pursued legal action but Liverpool said Friday a confidential settlement had been reached.
"All claims and allegations made against Messrs Broughton, Purslow and Ayre have been withdrawn by Messrs Hicks and Gillett and all legal proceedings between the parties concluded," Liverpool said in a statement.
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