U.S. businessmen to control third English club, Liverpool
February 7, 2007
LONDON – First it was Manchester United, then Aston Villa. Now Liverpool, with a record 18 English championships, also is about to come under American ownership.
Liverpool chairman David Moores said Tuesday he will sell his 51 percent stake in the storied club to George Gillett Jr., owner of the Montreal Canadiens, and Tom Hicks, owner of the Texas Rangers and Dallas Stars. Moores recommended other shareholders do the same.
The $430.8 million offer from Gillett and Hicks includes an agreement to pay off about $89 million of club debt and a pledge to build and finance a 60,000-seat stadium.
“I believe this is a great step forward for Liverpool, its shareholders and its fans,” said Moores, whose family has owned the club for decades.
“This club is my passion and forms a huge part of my life. After much careful consideration, I have agreed to sell my shares to assist in securing the investment needed for the new stadium and for the playing squad.”
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Broadcaster ITV said it also would sell its 9.9 percent stake. Gillett and Hicks said they had received acceptances from 62.2 percent of Liverpool’s shareholders under the deal, which values shares at $9,800 each.
The American businessmen need to acquire 90 percent of the shares through Kop Football Ltd., the British company they formed to launch the bid, before they can assume full control. The “Kop” is the name given to the section where hardcore fans sit in stadiums such as Anfield.