Liverpool FC Forum

[inglis5]

And another twist... http://www.bbc.co.uk/news/business-11518079

11 October 2010 Liverpool to receive new bid from Singapore billionaire
By Robert Peston

Business editor, BBC News
  Mr Lin says his offer is as attractive as John Henry's in financial terms
The bidding contest for Liverpool FC may not be over, the BBC can reveal.

The runner-up in the contest, Peter Lim, a Singapore billionaire, is to approach Liverpool's board with a view to making a higher offer for the club.

According to sources close to Mr Lim, he was the club's preferred bidder in the closing stages of the auction.

He had talks with Liverpool's chairman about how to announce his takeover, such was the apparent confidence that he would win the contest.

'No loans'

Mr Lim learned he was not the victor only a few hours before the club's chairman, Martin Broughton, announced on 6 October that Liverpool would be sold to John Henry's New England Sport Ventures for £300m.

Continue reading the main story
“
Start Quote
He never had a chance to negotiate directly with Royal Bank [of Scotland] He was expecting to do so, after agreeing the takeover with the board”
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Source close to Peter Lim

Mr Lim, who is being advised by the British firm of lawyers Macfarlanes and by the Wong Partnership of Singapore, still does not know why Mr Broughton went with New England Sports Ventures, owners of the Boston Red Sox.

He believes that in purely monetary terms, his offer was at least as attractive as Mr Henry's.

Mr Lim, too, was offering to repay all of Royal Bank of Scotland's and Wachovia's £200m of long-term debt, to take on £60m of other debt and to inject £40m of working capital.

What's more - and Mr Lim regards this as crucial - all the money being provided by him would come from his own cash resources. He is not planning to borrow any of it.

I understand he is also offering to provide tens of millions of pounds to Liverpool's manager, Roy Hodgson, to allow him to buy players when the transfer window opens in January.

According to executives close to Mr Lim, he was told by Mr Broughton that his ability to fund the takeover for cash, and the size of his cash resources, meant he was a more attractive owner than New England Sports Ventures.

Mr Lim was told that Liverpool's board was concerned that New England Sports Ventures would have to borrow to finance the takeover - raising questions about whether Liverpool really would break free from the financial shackles perceived to have been imposed by the current owners, George Gillett and Tom Hicks.

In the event, New England Sports Ventures have insisted it will not load up Liverpool FC with debt.

But there are no guarantees that there will not be significant debt further up the corporate ownership structure of New England Sports Ventures - which could limit how much money Mr Henry and his colleagues can inject into Liverpool in the future.

Mr Lim is keeping a close eye on the court case, which starts on Tuesday.

The case is supposed to rule on whether Mr Broughton can sell Liverpool to New England Sports Ventures against the wishes of Mr Hicks and Mr Gillett.

The Singapore billionaire believes the judgement in that case may give him an opportunity to bid again, whatever Mr Broughton may wish.

Business empire

Mr Lim is also prepared to buy Liverpool, should it ultimately collapse into administration under UK insolvency procedures.

According to sources close to him, he feels that he may have been shut out because New England made an offer to Royal Bank of Scotland to pay some of the £40m penalty fees the banks have demanded.

If that is the case, he believes Royal Bank may have done a poor deal, because he would be prepared to pay RBS and Wachovia more than the £10m or so which New England Sports Ventures is said to have put on the table.

"He never had a chance to negotiate directly with Royal Bank [of Scotland]," said a source. "He was expecting to do so, after agreeing the takeover with the board."

Mr Lim has an estimated net worth of $1.6bn (£1bn), according to Forbes Magazine.

He made his fortune in fashion, logistics and agri-business.

His interest in English football stems from his ownership of several Manchester United themed bars in Asia - which have persuaded him that there is huge global potential for making money from top-flight English football.

Meanwhile, Royal Bank of Scotland announced on Monday afternoon that it had obtained an injuction to prevent Liverpool owners Tom Hicks and George Gillett from sacking Martin Broughton or any other of the club's board members ahead of Tuesday's court case.

[bigmick]

I still think we'll be OK. It goes much deeper than football. Given the financial dire straits the country is in, the last thing the government wantsis to have a 280 million quid debt to one of the state owned banks wriggled out of by the two American c...s

Essentially it seems quite simple to me, Hicks had his choice. He either paid them back, or they flogged the club and got their cash back. Exactly the same as when you default on your mortgage payments. They repossess it, flog it at auction and get their dough back. If there's any left over, you get some change after costs. If it doesn't reach what you thought it was worth at auction, it's tough sh!te. Hicks is actually lucky in that the club is worth the same as the loan, if it was less he'd lose it AND owe the bank more cash.

The government and the country can't afford any alternative results. He is royally fecked .

He deserves to die in a pool of his own p!ss without a friend in the world.

[Madmax]

BBC claiming that the Singapore bidders are to approach LFC with a higher bid

[inglis5]

BBC claiming that the Singapore bidders are to approach LFC with a higher bid

The bid from NESV has been accepted, I'd be very surprised if this new bid can even be considered. The only thing that this is likely to do is perhaps lend credence to THicks statement that the club is worth more than it is being sold for. 'Predators' indeed 

[bigmick]

BBC claiming that the Singapore bidders are to approach LFC with a higher bid

The bid from NESV has been accepted, I'd be very surprised if this new bid can even be considered. The only thing that this is likely to do is perhaps lend credence to THicks statement that the club is worth more than it is being sold for. 'Predators' indeed 

Yes that would be a bit of a worry, but I don't buy this idea that the Singapore bid didn't know they'd been outdone until it was too late. Not at all.

Broughton has been talking with both parties for months FFS, so the idea that he rubber stamped a deal for one without telling the other is simply ridiculous.

[Ciggy]

BBC claiming that the Singapore bidders are to approach LFC with a higher bid

They can p!ss off His interest in English football stems from his ownership of several Manchester United themed bars in Asia - which have persuaded him that there is huge global potential for making money from top-flight English football.

This is really nail biting stuff SSN outside the Highcourt with a Financial expert even if hicks wins tommorrow he loses, Hicks tried to remove Martin Broughton from the board, what a sly b@stard he really is.  The financial fella said he had seen a lot cases in the past but never met anyone likes Hicks and quite frankly he doesnt know what he wanst or is up to.

My other half is even feeling sorry for us now hes give me two Jaeger Meisters 

[metalhead]

RBS case against Hicks & Gillett over Liverpool is separate from LFC case

High Court hearing scheduled for tomorrow that could shape the future ownership of Liverpool pits RBS bank against Tom Hicks “and others”, and is NOT Liverpool’s legal action Hicks and George Gillett, which could yet happen separately, sportingintelligence has learned.

The case of ‘Royal Bank of Scotland v Hicks & others’ has been listed among a group of cases to be heard tomorrow by Mr Justice Floyd, sometime after 10.30am. In this case, RBS as the bank that loaned Hicks and Gillett money (via their Liverpool holding company), will be seeking judgement that undertakings given by Hicks and Gillett to RBS under the terms of their loan extension earlier this year are legally binding.

There were multiple undertakings and sportingintelligence is not party to all the details, but this website has been told that the key decision for the judge is: Were Hicks and Gillett in breach of undertakings given to RBS by trying remove Christian Purslow and Ian Ayre from Liverpool’s board last week?

RBS will argue Hicks and Gillett were in breach. If the judge agrees, then effectively Hicks and Gillett can do nothing more (pending appeal) to prevent the sale of Liverpool, as agreed by Liverpool’s board last week, to New England Sports Ventures. An RBS statement on this is expected soon, and will be linked here when it drops.

Liverpool, ie: Liverpool FC and / or its “independent” board members Broughton, Purslow and Ayre, will still, separately, pursue a “declaratory” judgement against Hicks and Gillett, effectively seeking the same end goal as RBS, namely the legal right to sell to NESV.

But the significance of RBS and Liverpool / Broughton seeking separate judgements shouldn’t be underestimated: it means, and emphasises, that Liverpool / Broughton on the one hand, and RBS, independently, on the other hand, are now working to force through the NESV deal – and force Hicks and Gillett out.

Sportingintelligence further understands – as reflected to some extent in this article yesterday – that RBS has little appetite for putting in train any course of events that would plunge Liverpool into administration.

While there is a 15 October deadline for repayment of loans owed by Hicks & Gillett to the bank, it is entirely within RBS’s powers to be flexible with that deadline. RBS ultimately wants the outcome that is in the best interests for the stability of Liverpool, because ultimately the stability of Liverpool enhances the chances of RBS getting back all the money it leant. For now, administration remains more of a theoretical possibility than a probability.

As ever in this saga, the situation remains fluid.

Bye bye Tw@ts

[JBG]

The injunction obtained today is a step in the right direction. Its not final but keeps the board (i.e. the "old" board containing Purslow and Ayre) in status quo until the final hearing of the case. However, I wouldnt read too deeply into its significance just yet as injunctions in these cases would normally be given.

I'm not entirely sure what tommorrow's case is about.

I'm surprised we havent seen Hicks/Gillette bringing their own application for an injunction to halt the sale (temporarily). To my mind that speaks volumes.

[Ben Patrick]

feel like a bevvy after all this.

Is it allowed on a monday ? 

[Ciggy]

The injunction obtained today is a step in the right direction. Its not final but keeps the board (i.e. the "old" board containing Purslow and Ayre) in status quo until the final hearing of the case. However, I wouldnt read too deeply into its significance just yet as injunctions in these cases would normally be given.

I'm not entirely sure what tommorrow's case is about.

I'm surprised we havent seen Hicks/Gillette bringing their own application for an injunction to halt the sale (temporarily). To my mind that speaks volumes.

RBS got the injunction after Gillett & Hicks tried to remove Broughton aswell as Purslow & Ayres from the board, when they got that extention in April the deal was Broughton has the right to hire/fire/sell basicly twit & tw@t gave up their rights in April when they re-financed.

[NANNY RED]

Court 16 tomorrow morning

[Ciggy]

Court 16 tomorrow morning

Here ya go Nan.

The Court Case, challenging the Boards decision to sell the club, is taking place at the Royal Courts of Justice tomorrow, Tuesday 12th October 2010. It is listed to not start before 10:30am in Court 16. There is some confusion, with many left wondering whether this is Royal Bank of Scotland versus the owners, or LFC versus the owners. However, our feelings and stance remains clear - we are anti Tom Hicks and George Gillett. With this in mind, we would like to make our feelings known outside the Court and would invite members and fans of Liverpool Football Club to do the same. We will therefore be looking to lay on travel from Liverpool to London for those interested in making the journey and details of the travel arrangements will be released shortly dependant upon demand.

If you are available, and would like to travel, could you please notify us of your interest so we have some indication of numbers. We are aware that many members and Liverpool FC fans would like to show their feelings towards Tom Hicks at the court case but we would ask you to notify us only if you are interested in going and are available.

We have also been made aware that the 7/7 Bombing Inquest may also being held at the Royal Courts this week, potentially on the same day and will be attended by grieving relatives. As Liverpool fans will appreciate, this Inquest will be a raw and very emotional time for relatives, as the circumstances of their loved ones deaths will be recounted, and we urge people to show the families our respect while making our feelings about the ownership of Liverpool Football Club known to the media, the courts and Tom Hicks and George Gillett.
If you are available and would like to travel to London, then please make your interest known to [email]travel@spiritofshankly.com.[/email] Please be aware that given the potential 10:30am start of the court case, you may need to leave Liverpool as early as 4am.

http://www.spiritofshankly.com/news/Cou ... tober.html

Spirit Of Shankly

[JBG]

Court 16 tomorrow morning

If you plan to go tomorrow do know that the case could be heard first, or it could be heard last, depending on the day. It could be 10.45am or 4.45pm. It'll be clearer at 10.45am or so what time it'll be heard as the judge will have sorted out his list by that stage.

[JBG]

Another thing, Hicks will have to show up at some point (he might even be there tomorrow) if he wants to dispute the undertakings (i.e. Broughtan is claiming he has an undertaking from Hicks, if Hicks is claiming he doesnt Hicks himself will have to give evidence). He wont be able to conduct this from America.

[Tophatman]

feel like a bevvy after all this.

Is it allowed on a monday ? 

Normally i would say not on a school night son   but what the hell, fill your boots