Tom Hicks seeks damages

by Adam D Thu 10 Feb 2011, 9:14 am

Former Liverpool co-owner Tom Hicks has asked the High Court to lift orders that are preventing him and business partner George Gillett from seeking about $1bn (£620m) in damages.

The two believe they are due compensation following the forced £300m sale of the club to New England Sports Ventures (NESV) last October.

At the time, they described the sale as "an epic swindle".

Mr Hicks wants damages from former club directors and Royal Bank of Scotland.

RBS had provided Mr Hicks and Mr Gillett with a large loan facility which they used to help buy the club.

A spokesperson for the bank said: "The courts described the claims made by Hicks and Gillett last year as 'not realistic and abusive'. Any further claims against RBS will be vigorously opposed."

The former directors include the chairman of British Airways, Sir Martin Broughton.

Mr Hicks and Mr Gillett believe the club was worth a lot more than the £300m that NESV, the owners of the Boston Red Sox baseball team, paid.

They tried to block the deal, but the High Court granted anti-suit orders that prevented the owners taking action in the Texas courts.

source and full story - bbc website - http://www.bbc.co.uk/news/business-12411353