Controversial tycoons' turbulent Kop years

With their ill-fated tenure at Anfield set to end - and not without a fight -charts the disastrous reign of 'Uncle George and Tom'...Dubai International Capital (DIC) pull out of a takeover bid after they try in vain to force Liverpool to come to a decision while the club's board consider a new offer made by American tycoons George Gillett and Tom Hicks.Gillett and Hicks offer £435 million for the ownership of Liverpool. This includes £215m for the building of a proposed new stadium on Stanley Park. The club's board, led by chairman David Moores and chief executive Rick Parry, unanimously recommend that this offer be accepted.The offer from Hicks and Gillett is accepted, valuing the club at £218.9m (£5,000 per share), and confirming debts of £44.8m. In their original press conference, Gillett promises work on Liverpool's new stadium would begin immediately, saying: "The spade has to be in the ground within 60 days."Liverpool are beaten by AC Milan in the Champions League final, with Hicks promising afterwards that serious funds will be made available to manager Rafael Benitez with which he can strengthen the squad. It results in the infamous soundbyte: "If Rafa said he wanted to buy Snoogy Doogy we would back him."Liverpool embark on a major spending spree, adding Spanish star Fernando Torres, as well as Ryan Babel and Yossi Benayoun. Supporters welcome Torres, a club record signing at around £20m, in particular.Benitez and the owners fall out over the Spaniard's transfer targets for January 2008. Gillett and Hicks reportedly tell Benitez to 'concentrate on training and coaching the players he already has'. Benitez responds with a frosty press conference in which he repeats that phrase in answer to every question. Liverpool's form, impressive in the early weeks of the season, begins to deteriorate.Hicks admits the club had made an approach to former Germany manager Juergen Klinsmann, with a view to Klinsmann replacing Benitez as manager. The meeting took place at the height of the feud between Benitez and the owners in November. Hicks says, however, that such a move was "an insurance policy, to have him become manager if Rafa left for Real Madrid".



Klin-cher | Juergen approach belittled Benitez

Liverpool supporters, who have formed the supporters' union Spirit of Shankly, protest against the Americans' ownership before, during and after the 2-2 draw with Aston Villa. Banners pledge their support for Benitez, as well as urging Gillett and Hicks to sell to DIC, who are rumoured to be interested.It emerges that Gillett and Hicks are barely on speaking terms, throwing the club into turmoil. Rick Parry, it transpires, was present when Gillett and Hicks met with Klinsmann the previous November, further souring his relationship with Benitez. Days later, Hicks rounds on Parry, accusing the chief executive of failing in his commercial and professional duties, and advising the termination of his contract. Parry would leave his role at the end of the following season.Benitez is left frustrated by the club's transfer policy, as funds are denied following the sale of striker Robbie Keane, and the club fail to act swiftly over the contract of Daniel Agger. Benitez himself refuses to commit to a long-term deal until assurances are made regarding the control of the club.Rumours surface ahead of the Reds' Champions League clash with Real Madrid that Benitez has quit. They prove to be unfounded, and days later it is announced that Parry will be leaving the club at the end of the season. Liverpool finish the campaign second, just four points short of Manchester United.Christian Purslow, financial expert and Liverpool supporter, is appointed as managing director. His brief is to find £100m of fresh investment, which will help satisfy Liverpool's creditors. The playing side suffers, with Xabi Alonso and Alvaro Arbeloa sold, and Alberto Aquilani and Glen Johnson added, but further funds are denied.

September 2009 - Gillett criticises Benitez in a meeting with supporters' union Spirit of Shankly. The American claims that Liverpool's financial situation is healthier than that of Manchester United, and also denies promising fans that work on a new stadium would begin 'within 60 days' of his arrival at Anfield.

January 2010 - Liverpool fans are left incensed after Tom Hicks Jnr, a board member at Anfield, responds to an e-mail from a supporter with a foul-mouthed tirade. Hicks Jnr is forced to resign, with commercial director Ian Ayre and financial director Philip Nash added to the board.

March 2010 - Reports surface suggesting a bid of £110m has been made from the Rhone Group - a New York-based private equity firm - for a 40 per cent stake in Liverpool. Gillett and Hicks fail to respond to the offer within the deadline.

April 2010 - Gillett and Hicks announce the appointment of British Airways chairman Martin Broughton, who will oversee the formal sale of the club as soon as possible. The Americans' statement reads: "Owning Liverpool Football Club over these past three years has been a rewarding and exciting experience for us and our families. Having grown the Club this far we have now decided together to look to sell the Club to owners committed to take the Club through its next level of growth and development."

May 2010 - Sunday Telegraph reports that Dubai International Capital were close to a £500m takeover prove wide of the mark. The group that initially missed out on buying the club to Hicks and Gillett and were believed to be ready to commit funds for player transfers and for a new stadium.

August 2010 - Chinese investor Kenny Huang announces his interest in acquiring the club. After initial claims of backing from his nation's government and ability to buy any player Roy Hodgson wanted, the 46-year-old officially announces his withdrawal from the race on August 21.

The Huang situation was matched by the approach from businessman Yahya Kirdi. The Syrian - who headed a consortium of Middle East investors - initially claimed to be in advanced negotiations on August 4, before he announced he expected to conclude a preliminary deal before the season's opening fixture against Arsenal on the 15th.

Again, no offer was agreed.

September 2010 - In a bid to retain control, co-owner Tom Hicks attempts to refinance the £237m debt to the Royal Bank of Scotland. If unable to find fresh credit, the Texan could be forced to relinquish his investment on October 15.

Reports emerge on September 19 that a £280m package had been agreed with private equity firm Blackstone. A large-scale campaign from Liverpool supporters follows and the company announces the following day that they had no intention of concluding a deal to leave Hicks stranded.

October 2010 - With the date looming to repay RBS or face a £60m penalty charge, rumours emerge that a proposed deal with the New England Sports Venture (NESV) - headed by multi-millionaire Boston Red Sox owner John W. Henry - has been agreed on the 5th.

A boardroom struggle ensues, with an official statement from the club detailing Hicks and Gillett's attempts to remove chairman Martin Broughton, managing director Christian Purslow and commercial director Ian Ayre from the board and install Mack Hicks and Lori Kay McCutcheon.

The following day, a statement is released by chairman Martin Broughton to confirm that a proposed sale to NESV had been agreed subject to legal challenge from the American duo.





Royal Bank of Scotland, the club's major creditors, take out an injunction to prevent Hicks and Gillett changing the makeup of the board to prevent NESV's proposed takeover, and the full case is heard at the Royal Courts of Justice on October 12.Returning his verdict on the 13th, Justice Floyd rules that Hicks and Gillett have indeed given up the right to change the board's makeup — paving the way for Broughton et al to complete the sale of the club to NESV pending a board meeting later in the day.John W. Henry is surprisingly part of the board meeting, saying he is “confident” as he enters the building for talks. However, as discussions are taking place, it emerges Hicks and Gillett have been granted an injunction by a Texan court to halt the sale of the club to NESV.Another hearing is called for October 14 after Hicks and Gillett are granted the injunction. However, the owners are accused of “outrageous” behaviour as it’s revealed the Texan court knew little about the court hearing taking place. Justice Floyd rules against Hicks and Gillett, meaning the English directors of Liverpool are allowed to discuss the £300m sale of the club to NESV.