Liverpool sold

Wednesday February 7, 2007

LONDON: English Premiership giants Liverpool yesterday accepted a £438mil takeover offer from American tycoons George Gillett and Tom Hicks.

Gillett, who owns the National Hockey League’s Montreal Canadiens, joined forces with Hicks, owner of the NHL’s Dallas Stars and the Texas Rangers baseball team, to trump rival bidders Dubai International Capital last week.

At a press conference, Liverpool’s new owners assured supporters the most decorated club in English football were in safe hands.

“It was not a question of money, it was a question of are we the proper custodians and I believe we are,” said Hicks.

Hicks, confirming that they had no plans to discard manager Rafael Benitez, added: “We assure fans we know what you want – we want to win.”

His business partner in the takeover, Gillett, said: “This is a very well-run club. It is not a club that has a lot of obvious problems.

“There’s no urgency to do something short-term or foolish.”

Of their management style Hicks revealed: “We're going to be co-chairmen, equal partners in every sense of the word. We’ll each have one of our sons on the board too.”

Earlier Liverpool chairman David Moores told the club’s website: “I believe this is a great step forward for Liverpool, their shareholders and their fans.

“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.”

Moores has accepted an offer from the new owners to become Honorary Life President.

Both Gillett and Hicks described Liverpool as a fantastic club with a remarkable history and a passionate fanbase.

“We fully acknowledge and appreciate the unique heritage and rich history of Liverpool and intend to respect this heritage in the future. The Hicks family and the Gillett family are extremely excited about continuing the club’s legacy and tradition,” they told the club’s website.

Not only has Hicks built up a reputation for developing state-of-the-art stadia for his teams, but the duo have now guaranteed that Liverpool’s new Stanley Park ground would not be shared with other teams.

In Gillett’s original approach, when he was considering a solo takeover, he had indicated he wanted a ground-share arrangement to cut costs and maximise income.

Hicks and Gillett will split the £437.8mil cost of taking over the club on a 50-50 basis, with around £174.1mil going to buy the shareholding and take over the £44.8mil debt, and a further £218.9mil on the stadium.

Rick Parry, Liverpool chief executive, commented: “This is great for Liverpool, our supporters and the shareholders – it is the beginning of a new era for the club.”

The takeover means three Premiership sides – Liverpool, Manchester United and Aston Villa – are all in American hands.

Malcolm Glazer, owner of American football’s (NFL) Tampa Bay Buccaneers, owns United and Randy Lerner, owner of NFL’s Cleveland Browns, bought Aston Villa last year

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Squash: Beng Hee wins first title for this year

PETALING JAYA: Malaysia’s Ong Beng Hee secured his first title of the year at the Ilkley Open squash tournament in Ilkley, Yorkshire, on Sunday.

The national number one and world number 16 defeated English player Scott Handley 11-9, 4-11, 6-11, 11-5, 11-5 in a 45-minute final.

Beng Hee certainly did not have it smooth sailing in the tournament.

He needed 53 minutes to beat Simon Parke of England 8-11, 11-5, 11-4, 8-11, 11-5 in the semi-finals on Saturday.

In the quarter-finals played on the same day, Beng Hee also needed five games to beat Ben Ford of England 11-10 (4-2), 11-8, 5-11, 10-11 (1-3), 11-6.

He had in the first two rounds beaten English players Mick Biggs (11-5, 10-11, 11-3, 11-3) and Stuart Crawford (11-7, 11-8, 7-11, 11-2).

Last month, Beng Hee competed in the Canadian Open (Toronto), Windy City Open (Chicago) and Dayton Open (Ohio).

His next tournament is the Indian Open in Mumbai from March 6-11.