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LIVERPOOL FC owners Tom Hicks and George Gillett have given up their battle to stop the sale of the club to New England Sports Ventures - triggering a £300m sale to the Boston group this afternoon.

Instead the Americans intend to sue for $1.6bn in damages that will result from what they claim will "result from the proposed illegal sale of the Liverpool Football Club".

Liverpool FC’s board is currently in deep discussion with their lawyers in the offices of Slaughter and May in London.

An announcement unveiling John Henry as the new owner of Liverpool FC is regarded as imminent.

Moments after the Hicks announcement NESV told the ECHO: "We are moving forward. Everyone is committed to buying Liverpool."

A statement released by Hicks said: "’It’s an extraordinary swindle and it will result in exactly the wrong thing for the club and the fans.’ Those were the words used by attorneys representing Liverpool Football Club owners this morning when they announced they would apply all of their legal energies toward securing at least $1.6 billion in damages they expect will result from the proposed illegal sale of the Liverpool Football Club.

"Attorneys also stated that protracted litigation concerning the Liverpool transaction will now cause even more uncertainty for the LFC."

Steve Stodghill, the Texas attorney representing the Liverpool owners, was quoted on the statement.

He said: "This outcome not only devalues the club but it also will result in long-term uncertainty for the fans, players and everyone who loves this sport because all legal recourses will be pursued."

"Mr Hicks and Mr Gillett pledged to pay the debt to RBS so that the club could avoid administration that was threatened by RBS. That offer was rejected.

"It is a tragic development that others will claim as a victory. This means it won’t be resolved the way it should be resolved.

"My clients worked tirelessly to resolve these issues but RBS would not listen to any reasonable solution and the Directors acted selfishly and illegally.

"Mr. Hicks and Mr. Gillett wanted to position this club for the future, but others have a different agenda.

"In truth, there is nothing positive from these events for Liverpool Football. That is exactly the opposite of what my clients wanted to achieve."