LONDON -- Liverpool's board agreed to sell the debt-riddled Premier League club to the owners of the Boston Red Sox on Wednesday, but may have to take legal action to force out the existing American owners.
Current co-owners Tom Hicks and George Gillett Jr. have already said they will resist the bid from New England Sports Ventures, which owns the Red Sox, and a separate bid from Asia.
Hicks and Gillett said the Boston bid -- and one from an unidentified Asian investor -- "dramatically undervalue" the 18-time English champions.
John Henry
AP Photo/Steven SenneRed Sox owners John Henry, left, and Tom Werner have a deal to obtain Liverpool, one of soccer's best-known and most successful club teams.
Liverpool chairman Martin Broughton said the Red Sox owners have offered to pay $477 million, which is only likely to cover the debts and bank charges stemming from the leveraged 2007 takeover by Hicks and Gillett.
Despite the opposition of Hicks and Gillett, who own all the shares in Liverpool, Boston's offer was accepted by the three non-owner board members: Broughton -- who was hired by Hicks and Gillett in April to sell the club -- plus managing director Christian Purslow and commercial director Ian Ayre.
The Premier League said in a statement it should be ready to approve the takeover by Friday.
Broughton is set to go to court next week to reinforce his authority over the sale and challenge the owners' attempts to remove Purslow and Ayre from the board. Broughton said he expects the sale to be completed in about a week.
Broughton said Hicks and Gillett have "flagrantly abused" written undertakings made to Royal Bank of Scotland, which holds the bulk of Liverpool's debt.
"We need to go to the court to ... declare that we did act validly in completing the sale agreement, and then the buyers can complete the sale," Broughton said.
Broughton said the club will default on its debt if the takeover is blocked.
"We don't have the capacity to repay our loans," Broughton said. "I don't want to speak for RBS and what they plan to do at that stage.
"It would be serious. The impression I get from the fans is they would actually swallow that to get rid of the owners, but we don't want to swallow that."
Hicks is the former owner of the Texas Rangers and currently owns the NHL's Dallas Stars. The Rangers filed for Chapter 11 bankruptcy protection in May and were purchased at auction in August by a group headed by baseball Hall of Famer Nolan Ryan.
Hicks wants to sell for about $951 million, a figure that has forced several investors to end their interest. The owners bought the club for $275 million, taking on $71 million of liabilities.
"The owners have invested more than $270 million in cash into the club. And during their tenure, revenues have nearly doubled, investment in players has increased and the club is one of the most profitable in the [Premier League]," Hicks and Gillett said in a statement. "As such, the board has been presented with offers that we believe dramatically undervalue the club.
"To be clear, there is no change in our commitment to finding a buyer for Liverpool Football Club at a fair price that reflects the very significant investment we've made. We will, however, resist any attempt to sell the club without due process or agreement by the owners."
The turmoil comes after Liverpool lost to Blackpool on Sunday, continuing the club's worst start to a league season since 1953. Liverpool hasn't won in five matches in all competitions and is currently in the Premier League's relegation zone. The team was also recently knocked out of the League Cup by Northampton, a club struggling in the fourth tier of English football.
Broughton is encouraged by how the Red Sox ownership group revived the baseball club's fortunes after buying it in 2002 for $660 million.
The Red Sox won the World Series in 2004 and 2007 -- their first since 1918. Liverpool won its 18th English championship crown in 1990 and its fifth European Cup in 2005.
"If you look at the Boston Red Sox as a massive example of taking a major, historic team which had seen better days and restored them to glory, it is a parallel which demonstrates action," Broughton said.
The Red Sox ownership signaled its football interest last summer by hosting a friendly between Celtic and Sporting Lisbon at Boston's Fenway Park.
The ownership group is headed by financial trader John Henry, with two other principals: Tom Werner, who made his money producing hit shows on U.S. television, and Larry Lucchino, a longtime baseball executive.
One of the priorities at Liverpool will be to replace the 45,000-capacity Anfield with a newer and bigger stadium, but Broughton says the Merseyside club could emulate the Red Sox by refurbishing an existing ground.
"At Fenway they chose not to build a new stadium -- they will want to make sure that they do the right thing, [but] we will have a stadium which holds 60-odd thousand," Broughton said. "Whether that is the new stadium as designed or not, that is not a commitment, but will we have stadium development? Yes."
A finance expert in the sport said the new owners will struggle to restore Liverpool as a major soccer power unless they follow their initial purchase with heavy investment.
Joe McLean, a partner at the accounting firm Grant Thornton, said a new, larger stadium to replace Anfield would have to be a priority. That could cost as much as $635 million, but McLean said it is essential if the club is to start matching the likes of Manchester United and Arsenal in terms of match day revenue.
"It would only be a good deal if they could follow up their initial investment with more substantial investment," said McLean. "The problems didn't start with Hicks and Gillett. The whole structure is flawed. Manchester United, Chelsea and Arsenal are pushing ahead and Liverpool is falling behind with each game they play."
Broughton acknowledged the ownership turmoil has affected the squad.
"You can see one or two of the players playing with the world on their shoulder -- there will be money for investment in the squad," Broughton said. "There has been this huge amount of negativity around Liverpool -- the fans demonstrating against the owners."
Those protests have been led by the Spirit of Shankly, a fan group named after legendary Liverpool manager Bill Shankly, who won three league titles, two FA Cups and the UEFA Cup from 1959-1974.
"It's just another part of the ongoing soap opera at Liverpool," Shankly spokesman James McKenna said. "We just want a resolution to it sooner rather than later. It leaves fans wondering what's going to happen next."
Information from The Associated Press was used in this report.
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