From football 365
AMERICAN TAKEOVER ACCEPTED AT ANFIELD
Liverpool's takeover by George Gillett and Tom Hicks took a huge step towards a complete buy-out today when they announced to the Stock Exchange they have already secured 80.7% of all shares.
They need just another 9.3% to force a compulsory purchase of every share, and they have extended Monday's 3pm deadline until March 26 to allow remaining small shareholders to agree to sell and claim the package of privileges - including season ticket and cup ticket purchasing - on offer.
Gillett and Hicks attended Tuesday's memorable Champions League triumph over Barcelona at Anfield and afterwards received more good news having reached the 75% per cent take-up needed to make today's announcement of securing unconditional control.
It is believed the American sports tycoons met major figures ahead of the Barcelona game in Liverpool's boardroom to be assured there would not be any significant shareholder who would be holding out.
Those key men included Steve Morgan, previously the third-biggest shareholder with 6% who had four times tried to buy the club from chairman David Moores in recent years. It is also understood that Terry Neill, who has 3%, was involved in talks.
Morgan is also believed to have been introduced to Foster Gillett, George's son, who will be installed full-time alongside chief executive Rick Parry to run the club in the future.
Hicks and Gillett were therefore sufficiently confident of claiming that combined 9% that they have been able to make today's announcement, three days ahead of the original deadline.
Morgan is currently out of the country and was unavailable for comment yesterday, but he is not willing to make what would be just a pointless gesture by holding on to his shares and being forced to sell at a later date.
The announcement today also sends a strong message to stragglers who own just a few shares each, that the battle has been won by the US tycoons.
Once Moores sold his 51% to them, there was only going to be one winner in what will be a £470million injection of new money into the club that will secure the new stadium in Stanley Park, wipe out the £80million of debt and give manager Rafael Benitez significant transfer funds.
And by announcing a two-week extension Gillett and Hicks have shown themselves to be reasonable and understanding of fans' emotional attachment to the one or two shares many of them have as long-standing family involvement.
Two major city institutions with 3% each have also sold up and if Morgan and Neill do likewise, there will be no significant holders left.
The Americans do not want to be seen as buyers forcing shareholders out, so extending their package of privileges for a further two weeks is an important gesture.
The statement to the Stock Exchange this morning confirmed the American pair yesterday "received valid acceptances in respect of 28,089 Liverpool shares, representing approximately 80.7% of Liverpool's issued share capital to which the offer relates."
Shareholders had been offered £5,000 per share from Gillett and Hicks' Kop Football Ltd bid vehicle, and a positive response has seen the pair comfortably reach the 75% required for unconditional control.
Work is now expected to start on the new 60,000-seater Stanley Park imminently, with the pair having held further meetings this week after witnessing the Reds' away-goals victory against Barcelona.
The two sports tycoons, who both own NHL ice hockey franchises, spoke then of their joy and amazement after the latest European night - their first at Anfield.
Hicks said at the time: "That was like nothing I have ever heard or felt before. I've seen a lot of sporting events around the world, but nothing comes close to that.
"It was a special night, I was blown away by the crowd and the atmosphere."
For Moores this has been an emotional week, the end of 16 years as chairman in which the club won every honour in the game except the Premiership - including two European competitions.
Moores, who will stay on as a director and life president, said earlier this week: "The last 16 years have been an honour and a privilege for me.
"There have been difficult times, particularly over the last three years, but the thing which kept me going was the backing of the grass-roots supporters.
"I just want to take this opportunity to thank the supporters, the majority of whom have given me fantastic support over the last 16 years."
LIVERPOOL TAKEOVER TIMELINE
2004: March - Thailand's Prime Minister, Thaksin Shinawatra, is revealed to be interested in buying a stake in the club.
May - Shareholder Steve Morgan claims he has had two bids to take over the club turned down.
Shinawatra makes a formal bid for a 30% stake in the club.
June - Shinawatra ends his interest in Liverpool.
Thai media tycoon Paiboon Damrongchaitham reveals interest in buying a stake in the club.
August - Liverpool reject another takeover bid from Morgan.
December - Morgan abandons his proposed takeover.
2005: November - American billionaire Robert Kraft refuses to rule out investing in Liverpool.
2006: March 29 - Liverpool board confirm talks with potential investors which "may include an offer for the entire share capital of the club".
December 4 - Liverpool confirm they have "entered into a period of exclusive negotiations with Dubai International Capital about a possible investment in the club".
December 28 - DIC deny allegations it plans to sell the club in 2014 after making a huge profit.
2007: January 26 - Liverpool reveal American businessman George Gillett has made an approach "which may or may not" lead to a takeover offer.
January 30 - Liverpool board meet to discuss Gillett proposal after deciding not to formally accept DIC bid.
January 31 - DIC pull out of takeover.
February 2: It emerges Tom Hicks, another American owner of an ice hockey team, joined Gillett in flying to England to present Liverpool chairman David Moores and chief executive Rick Parry with their provisional offer.
February 6 - Liverpool agree to the terms offered by Gillett and Hicks to purchase the club's entire issued share capital.
March 9: Gillett and Hicks' Kop Football announces to the Stock Exchange they have met the acceptance condition of 75% required to secure unconditional control of the club.
Well, they've finally got full control now, I don't suppose as fans we'll notice much difference until the summer though. Like most people, I've had a few reservations about these guys, but I keep faith in the fact that David Moores loves this club like his own child, and I'm certain he would've given them a thorough grilling before letting them take over. As long as they focus on the marketing side & let Rafa focus on the footballing side I'll be happy.
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