5.20pm: And so, with perfect timing, John Henry's New England Sports Ventures has bought Liverpool Football Club for £300m.

The Royal Bank of Scotland has had its debts paid off. Unpopular former owners Tom Hicks and George Gillett are left to threaten courtroom retribution. It's Friday night and Liverpool fans can think about a big weekend, celebrating the end of H&G and the arrival of new owners who come highly-recommended by Boston Red Sox supporters, and looking forward to the Merseyside derby on Sunday afternoon. (John Ashdown will be MBMing the game).

(And I can head off on a footy tour to Cardiff without worrying about the live blog).

It has been an extraordinary few days, featuring four court hearings, two actual takeover offers, one phantom offer and much, much more. Thank you all for reading, commenting, tweeting, emailing - your contribution has been much appreciated.

It only remains to say Good Luck to Liverpool's new owners. And leave you with, what else, but the Kop anthem...

4.48pm: Slightly longer versions of those quotes at the impromptu press conference:

Henry:

We are committed first and foremost to winning. We have a history of winning, and today we want LFC supporters to know that this approach is what we intend to bring to this great club.

Broughton:

As every Liverpool fan knows, the most nerve-racking way to win a match is by a penalty shootout. But in the end, as long as you get the right result, it's worth the wait. We've got the right result.



Broughton said the deal:

comprehensively resolves the pressing issue of the club's debt and should give staff, players and fans great confidence regarding the future of Liverpool FC.

Not to ruin the moment or anything, but I should also remind readers of these comments from Steve Stodghill, the Texas attorney representing Hicks and Gillett:

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.

4.44pm: How about Bruce Springsteen's fabulous version of "John Henry"!

Apparently they also play "Love That Dirty Water" by The Standells at every Red Sox home victory.

4.37pm: Or in a shorter version:

"Henry: "I guarantee" no leveraged buyout, "here to win", "We've a lot of listening to do", 1st match at Anfield, no plans for ground yet."

(as tweeted by @Early_Doors)

4.30pm: Liverpool/NESV full statement:

New England Sports Ventures (NESV) today announces that it has completed the purchase of Liverpool Football Club. NESV wishes to extend its sincere gratitude to the board of Liverpool FC for their diligence and their efforts on behalf of the club and its supporters.

The transaction values the club at £300m and eliminates all of the acquisition debt placed on LFC by its previous owners, reducing the Club's debt servicing obligations from £25m-£30m a year to £2m-£3m.

New England Sports Ventures is committed to winning and currently owns a portfolio of companies, including the Boston Red Sox, New England Sports Network, Fenway Sports Group and Roush Fenway Racing.

NESV principal owner John Henry said:

"On behalf of the entire NESV partnership, I want to express how incredibly proud and humbled we are to be confirmed as the new owners of Liverpool FC. We regard our role as that of stewards for the club with a primary focus on returning the club to greatness on and off the field for the long-term. We are committed first and foremost to winning. We have a history of winning, and today we want LFC supporters to know that this approach is what we intend to bring to this great club."

Liverpool FC chairman Martin Broughton, said:

"I am delighted that we have been able to successfully conclude the sale process which has been thorough and extensive. The board decided to accept NESV's offer on the basis that it best met the criteria we set out originally for a new owner. NESV is buying Liverpool in order to put it on an excellent financial footing and continue to develop it internationally. This is a good deal which comprehensively resolves the pressing issue of the club's debt and should give staff, players and fans great confidence regarding the future of Liverpool FC."

NESV chairman Thomas Werner said:

"We recognise that Liverpool Football Club is an historic institution ultimately grounded in the community and the fans. Our first step as new owners will be to listen. We want to hear from the manager and the players and those who are part of the daily operation of the club. We will be visible at Anfield and will embrace and listen to those who have stood by this club and who are the rock on which its future success will be built. We want to hear from the fans, local leaders and the local community. We want to hear from those who know LFC best, who have made it the best and share our desire to return to a culture of winning."

NESV is committed to creating a long-term, financially strong foundation for the club and dedicated to ensuring the club has the financial resources to be successful again and attract the best players. To that end, the transaction has been structured in such a way as to eliminate all of the acquisition debt on the club.

In the coming days and months, NESV will work closely with the LFC executive team to listen and learn about every facet of the organisation. During this time, the new owners will begin to look at areas for greatest opportunity to increase the appeal of the club nationally and internationally. NESV wants to once again create a culture and environment to allow people to excel at the club on every front. During this period, NESV will also begin to examine opportunities to enhance the matchday experience in the short-term, while also carefully studying the various long-term options that may be possible.

Mr Henry and Mr Werner added:

"We are eager to commence with our plan, spend time with the organisation, its leadership, its supporters, and the local communities. We will take these steps alongside the club's executives with a shared objective of stabilising the club and ultimately returning Liverpool FC to its rightful place in English and European football, successful and competing for trophies."

4.22pm: Does John W Henry feel a bit like he did when the Red Sox won the World Series after 86 years waiting....

Sweet Caroline is apparently played at all Red Sox games: Good times never felt so good!

4.22pm: Broughton says he will stay on in transitional role.

Q: How are you funding this deal, Mr Henry?

Henry: With pounds.

4.21pm: Henry: I think it is better for our first experience of the Liverpool supporters for it to be at home. (Not going to Mersey derby then)

4.20pm: John Henry: We are going to do a lot of listening and hope our actions speak for us. We are here to win

4.19pm: And here comes Martin Broughton and John Henry...

Broughton: As every Liverpool fan knows the most nerve wracking way to win a match is in a penalty shoot out. But as long as you get the right result

Henry: Proud and happy

4.17pm: There's doors opening at Slaughter & May's offices, security men milling around, a media stampede rushing inside, and Owen Gibson once again at the forefront...

4.03pm: Just waiting for the confirmation statement now. Hoping to see Boston Red Sox's John W Henry appear in a red scarf. NESV is paying £300m. In the background, of course, Tom Hicks is threatening a $1.6bn lawsuit.

3.58pm: LIVERPOOL FC HAVE BEEN BOUGHT BY NEW ENGLAND SPORTS VENTURES, Owen Gibson confirms that the deal is done.

3.52pm: "Deal done! #LFC sold to NESV," tweets Bloombergs @tariqpanja

3.46pm: If you want to know which (American) lawyers are making a packet out of all these shenanigans, Legal Week carries this story: "Mayer Brown advises US investor on last-ditch Liverpool takeover bid"

3.44pm: Announcement may be within next five minutes, says Caroline Davies outside Slaughter and May offices where the Liverpool board and NESV reps are currently holed up.

3.38pm: If the deal is to be done today and the money handed over to the Royal Bank of Scotland, it needs to be done by 4.20pm, through a system known as CHAPS, says our banking correspondent Jill Treanor.

Although financial expert Ian Hargreaves responds: "I can't believe that an Escrow account is not in place to hold the funds pending signing of contracts: This account would likely be at RBS and therefore the CHAPS element and deadline of the transaction is irrelevant."

3.37pm: "Just leaving #LFC training ground. Spirits are high. Either the Prem table is upside down or Hicks/Gillett regime is over," tweets Oliver Kay of the Times.

3.21pm: Hodgson's press conference had been put back (presumably in the hope that the deal would have been done). "I can't actually confirm what you are saying," he says. "New owners are very welcome."

3.17pm: Liverpool manager Roy Hodgson is being interviewed & broadcast live by Sky Sports News (his comments include plenty of "if rumours are true" type remarks, making clear deal is not yet done): he hopes the new owners will stabilise the situation at the club. Having our debts wiped out will put this club in a stronger position.

3.13pm: By the way, Football Weekly Live! will be recorded in Liverpool on Sunday night. Tickets are sold out, though, I'm afraid.

3.10pm: "Nearly 3pm. If the money doesn't start flowing in next 2 mins this won't get done today, NESV said yesterday," tweets Paul Kelso (a few minutes ago!)

Or Jamie? Photograph: Barry Coombs/EMPICS Sport

3.02pm: "Really Paul, you think Christian is slower than me? I am wounded by your comment," -Jamie Carragher (as imagined by Bryan Tisinger).

"Poulsen is well aware of how slow he is and has tried to make amends. He's given it to Lucas several times already but Lucas just keeps passing it back…" emails Gareth Sheerin.

This banter reminds me that I haven't had chance to go back to our H&G caption competition. Maybe sometime when this is all over.

Christian Poulsen: LFC's slowest player? Photograph: John Powell/Liverpool FC via Getty Images

2.51pm: "The delay is probably due to fact they have Christian Poulsen carrying it over - he will be there about 6.30!" emails Paul Davies.

2.43pm: "Apparently not imminent," says Caroline Davies outside Slaughter & May's HQ. It might just be dotting of 'i's and crossing 't's, or they may be weighing up the potential costs of a long series of Tom Hicks lawsuits, in the UK, the US, potentially even Timbuktu, given Hicks's track record.

2.38pm: Caroline Davies outside Slaughter and May's offices says: "Still waiting." Does anyone think that the NESV cheque to RBS will take four working days to clear? That could cause problems...

2.32pm: This from Dallas:

Update 7:58 a.m.: The judge has ordered: the TRO has been dissolved, per both parties wishes, and the motion for contempt has been withdrawn. The judge summed up the proceedings thusly: "It's been an interesting two days." To say the least. I'll have more quotes forthcoming, but essentially, says George Bramlet, "Hicks and Gillett have demonstrated record of gamesmanship," referring to proceedings here and in England. Hicks's attorney has reiterated that there has been no sale to Mill Financial.

2.28pm: Banking correspondent Jill Treanor explains:

City sources seem to think this is going to work out the way Martin Broughton wanted - with a sale to Henry who is no doubt being handed a nice clean LFC scarf in preparation for a photocall outside Slaughter & May's offices anytime soon. Still, while LFC fans appear to be getting their way, it could prove costly for the taxpayer-controlled RBS after all if Hicks and Gillette press on with the threat to sue the bank. The problems that H&G had all along is that having Mill Financial repay the £200m odd on their behalf was no good, unless Mill bought out their stakes and became directly liable. Good PR at least for the bank... wonder how RBS chief executive Stephen Hester, a big Manchester United fan, feels about it all...

2.18pm: There's a very nice thread running on the RedAndWhiteKop website: Thank you Guardian. Well, thank you to all who have read/commented/emailed/tweeted/contributed to this blog.

Is the end of this saga in sight?

2.17pm: "It would seem that the only remaining formality now is for NESV to secure indemnity from any damages resulting from H&G's planned suit. This can be an insured risk otherwise they would seek undertakings from the legal sellers," emails Larry Morris.

2.04pm: We are now expecting Liverpool to announce NESV as new owners sometime soon. Will there be any more twists and turns? Will the bank get the money in time? Is Hicks's statement some form of subterfuge? And, as Matthew Atkinson points out in an email, the board better make sure that everything is above board and legal, because Hicks will certainly be pursuing this in court...

2.01pm: Here's David Conn's expert view:

The wording of the statement, including the words (from Hicks' representative) "proposed illegal sale" strongly suggests the board is about to announce the sale of the club to NESV and Hicks has failed in his last ditch attempt to repay RBS and keep hold of it. Hicks is apparently not going to try to block the sale but promising to sue for damages.

1.57pm: "RBS waiting for receipt of £200m to confirm sale to NESV. Nearly there. Though the legal aftershocks will continue for some time. #LFC," tweets OG again.

1.52pm: "Latest statement from H+G suggests they have thrown in the towel but claims they will still pursue #LFC for £1bn damages," tweets Owen Gibson, who is now also down at Slaughter and May.

1.45pm: Has Tom Hicks thrown in the towel? This statement from Hicks (in full):

LFC owners to pursue $1.6 billion from "epic swindle"

Hicks and Gillett withdraw TRO blocking sale of Liverpool Football Club. Action prevents RBS from needlessly putting Club into administration. RBS rejected owners' pledge to pay off all debts by October 15. Attorneys say ludicrous, self-serving and illegal behavior from directors and outsiders to hinder Club for years. "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. "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," said Steve Stodghill, the Texas attorney representing the Liverpool owners. "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." Stodghill said the owners have no choice but to pursue every legal avenue possible, and they will. "Mr. Hicks and Mr. Gillett wanted to position this club for the future, but others have a different agenda," said Stodghill. "In truth, there is nothing positive from these events for Liverpool Football. That is exactly the opposite of what my clients wanted to achieve. "

1.38pm: KTVT-TV Channel 11 in Dallas has been talking to Tom Hicks. But the interview was about baseball player Alex Rodriguez, who ten years ago was given a $252m contract by the Rangers. Hicks was then the owner. Both have since left the baseball club. But Hicks's comments are apposite:

"I've done some smart things," Hicks told Dallas-CBS affiliate KTVT-TV Channel 11 when asked about Rodriguez now being a Yankee. "I've done some dumb things. That was one of the dumb things."

(From ESPN/MLB via Delziel Cook)

1.27pm: From the Dallas Observer: "Update: 7:22 a.m. - Stephen Fox, repping Hicks and Gillett, confirms filing has been made. Says Stephen Stodghill: will have a comment about the reason why following the hearing. When asked if Hicks and Gillett have sold to Mill Financial, he said quote, "as of last night no sale has been made, but we don't know what goes on in London." Meanwhile the Baliff relays a message from the judge to Liverpool supporters: "no outbursts."

The scene inside Slaughter and May today

1.19pm: Caroline Davies outside Slaughter & May's offices believes an announcement is imminent. Meanwhile, I've been sent this picture by Harry Johnston, which he says is the negotiating table at S&M's offices today.

1.17pm: Of course, there is also a football match about to happen. And not just any football match, but Everton v Liverpool. Here is David Lacey: "Merseyside derby will not be a classic – but it will be unmissable."

1.09pm: Meanwhile in Dallas: "Update: 6:48 a.m.- Attorneys representing New England Sports Ventures are at the courthouse, and do confirm Hicks and Gillett's attorneys filed at 1:00 this morning a motion to dismiss the temporary restraining order. They still want a hearing in front of the judge in order to confirm the filing, and for the judge to sign the order. Says George Bramlet, the attorney representing NESV, when asked why Hicks and Gillett tossed the TRO: "maybe they thought they weren't going to win, who knows." reports the Dallas Observer.

1.07pm: Martin Broughton has arrived at Slaughter & May's London offices, reports Caroline Davies, our on-the-doorstep reporter. Broughton said: "Hopeful a deal can be done."

Chris Purslow added he was "confident we can do a deal".

1.02pm: David Conn has some more on Mill Financial:

Mill Financial are an arm of the Springfield Financial Companies. That has been confirmed. In recent weeks, there have been reports that they lent George Gillett £75m to meet his further loan commitments at Liverpool, and that he defaulted on that loan, so they have in effect repossessed his shares. That has not been confirmed by Mill, who so far do not return calls. Gillett has not returned a call for some weeks now. If those reports are true, that means if Liverpool is sold to NESV for the agreed £300m, to repay all Liverpool's debts owed to the banks (except for £30m to finance stadium development), it is Mill Financial which will lose that £75m, along with Hicks losing around £70m. That means a US hedge fund, based, like Hicks, in southern USA - Springfield, Virginia - have a £75m loss to protect. That helps to explain why they should now be apparently working desperately with Hicks to avoid a sale to NESV. If they lend Hicks the £200m to repay RBS, the scenario being discussed at the moment by the participants, and Hicks does so, he could stay in control of Liverpool, because RBS is repaid and their hold over the board via the undertakings falls away. Hicks would owe Mill £200m, at whatever rate of interest he has had to agree to. The "payment in kind" loans from the US hedge funds at Manchester United currently charge 16.25% interest, a year, so that would be £32.5m a year interest, and there would likely be very large costs to add to it - financial institutions like to charge for the right to lend their money. There seems little doubt that Hicks would make Liverpool itself, out of its income - fans' money, TV, commercial revenues - pay that interest and harges and service the debt, as he and Gillett did with the RBS loans. That is a major financial reason why Liverpool fans will be desperate the Mill/Hicks eleventh hour bid does not succeed. NESV, have committed, to clearing the £300m of debt, and not loading the club with any more debt, or making the club in any way pay any of the costs associated with buying it.

NESV are saying very firmly they will sue because they have a binding agreement with the board to buy the club - as Henry has reiterated on Twitter.

12.54pm: It is understood that Mill Financial approached the Premier League last night and asked to undertake its various tests regarding fit and proper persons and future financial info, writes Owen Gibson.

But the Premier League is believed to have rebuffed the request on the basis that it will only deal with the boards of its clubs.

The Liverpool board had previously put both Peter Lim and NESV forward. That is why both Lim, who was the preferred bidder until near the end of the process but has now left the scene, and NESV, which has a binding agreement it is currently trying to push through,

are at various stages of the process.

NESV are close to being passed - they have passed the directors test but have not yet been signed off on the future financial information part. That won't be confirmed unless and until the takeover goes through.

A Premier League spokesman said: "We will continue to deal with the legally constituted board of Liverpool Football Club."

12.52pm: "Mill Financial approached Premier League yesterday seeking approval under owners' and directors test," tweets Telegraph's Paul Kelso. "Prem declined to put Mill through O&D test without direction from #LFC board. "We will continue to take direction from board"

John W Henry arrives at Slaughter & May's offices in London. Photograph: Lennart Preiss/AP

12.48pm: "John W Henry arrives at #LFC meeting. Makes no comment." tweets Sky Sports's Bryan Swanson.

12.46pm: "If Hicks and Gillett manage to raise the money to pay RBS off, the restrictions on the removal of directors agreed as part of the RBS loan will lapse. That would mean that Hicks and Gillett would be free to fire the other three board members," emails Nick Simpson.

12.42pm: "Live from the George Allen Courts Building in Beautiful Downtown, the Liverpool FC Hearing," Robert Wilonsky of the Dallas Observer is blogging live. He's not at the courthouse yet, but he will be shortly.

12.32pm: Important times coming up: 1pm and 4.30pm.

1pm is when the Dallas court was due to hear the injunction arguments, but is now when we understand that Tom Hicks will withdraw his injunction application. This might be the immediate trigger for Hicks to try to sell his shares to Mill Financial. Owen Gibson's guidance here is that if Hicks has the money to pay off RBS, then the threat of going into administration is removed. And Mill Financial would then have ten days to take the Premier League's Fit and Proper person test.

4.30pm is understood to be the RBS deadline. As long as they get paid by somebody by then, then they will withdraw from this saga. It is believed (by some) that Hicks has until 4.30pm to find the money and until then it is his debt to repay.

12.14pm: Earlier this week we thought we knew where we stood: The board had an agreement to sell Liverpool FC to New England Sports Ventures. And a case at the High Court was going to rule whether that deal would be allowed. Since then the waters have got a lot murkier. What do we KNOW now?

• Martin Broughton's Liverpool FC board has still agreed to sell to NESV.

• The Royal Bank of Scotland's deadline for its debts to be repaid is today.

What is also probably the case:

• Tom Hicks says it has withdrawn its injunction (although this would still appear to need to be ratified in a court in Dallas)

• Hicks is trying to stitch together a last minute deal with Mill Financial, which already holds George Gillett's stake.

11.57am: The Springfield Financial Companies website says it has "a track record of completing complicated transactions quickly and creatively." Those would be appropriate skills for today, points out Martin Reed via email.

11.50am: This is where John W Henry stands (via Twitter):

"We have a binding contract. Will fight Mill Hicks Gillett attempt to keep club today. Their last desperate attempt to entrench their regime."

11.40am: Mill Financial: what we are pretty certain we know:

It is a US-based hedge fund.

It took over George Gillett's 50% stake after he defaulted on loans.

What we also think:

It is believed to be an arm of the Springfield Financial Companies Group, based in Virginia.

Possibly also the case:

It might be run by Dwight Schar.

Schar is described as a businessman and philanthropist, and is said to have some sort of stake in the Washington Redskins, American football franchise.

Schar appears on this Washington Redskins website page

Can anyone find a weblink for Mill Financial?

11.35am: What do we know about Mill Financial? If RBS turned down Mill Financial yesterday, why would it accept its money today? If NESV has a binding deal, can Mill take over? All questions we are all asking....I'm going to take my life in my hands and try to answer some of them....

11.16am: Does this make the TRO question clearer? I think it does (a little): Associated Press reports:

A lawyer for Liverpool's owners says they will drop their court order in Texas blocking the sale of the club.

The move does not mean current owners Tom Hicks and George Gillett have given up their fight to stop the £300 million sale to the owners of the Boston Red Sox.

Lawyer Keith Oliver, who represents Hicks and Gillett, tells The Associated Press they are applying to withdraw the temporary restraining order when the Dallas court convenes at 7 a.m. local time (1200 GMT) Friday.

11.13am: "NESV sources are convinced that a deal with Mill would still need board approval. If it went through regardless, they wd likely sue. #LFC," tweets Owen Gibson.

11.11am: "A message from all decent footie fans to Liverpool fans. Who knows which club will be next!" emails Chris Drew, with this link.

11.10am: "Hicks selling his shares to Mill; his shares in what? Surely the sale to NESV is a sale of the shares in the football club by Kop Holdings. Only KH can sell those, and this is governed by the UK injunction. Hicks shares must be in one of the superior holding companies, which would just put Mill in the same position as Hicks, ie with no control over the sale process. Have I missed something?" asks Andrew Park, a Liverpool fan who also happens to be a lawyer.

11.08am: "I think my head's going to explode," emails David Castle. You're not alone, David.

11.02am: Several of you email to ask when the Liverpool FC statement went up, saying that it feels like an old statement. I agree. Indeed, LFC appear to have noticed and added (October 14) into the statement. If you look just above it you can see that it was in fact posted today though. Indeed, a whole new statement appears in that slot:

The Independent Directors of Liverpool Football Club are delighted with the verdict of Mr. Justice Floyd in the High Court this afternoon which now requires Mr. Hicks and Mr. Gillett to withdraw their Texas Restraining Order by 4pm tomorrow. We are glad to have taken another important step towards completing the sale process.

But it's just one more confusion in this confusing week...

Meanwhile Øivind Idsø emails to ask: "how on earth can an injunction, imposed by a court of law (even though it's in Texas) be lifted by one of the parties of a particular complaint?! The only ones who should be able to lift an injuction would be the court itself? If not, this doesn't make any sense what so ever (to the extent that anything in this case makes sense anymore)."

10.59am: "I'm told deal between Hicks and Mill is done -it's whether the transaction's technical paperwork and legal details can be processed in time," tweets BBC's Dan Roan, adding: "if Hicks does complete sale to Mill it's then whether RBS have to accept the debt repayment from them or try to stick with nesv"

10.57am: Some black humour is being called upon to relieve the tension on this Day of Days....

10.54am: "Do Texas courts work like 7-Elevens? It baffles me how the TRO can be lifted before the sun has risen in the US..." emails Karan Ahuja. It's baffling me too. I think it may be that Hicks, who applied for the injunction, has unilaterally lifted it too. If such a thing can be done. It would not be surprising if it can't really be done, but Hicks has done it anyway. But that is all conjecture. And we can't really ask anyone in Dallas because, as we all know, it is 5am there and the court is not yet open for its special early doors hearing.

10.47am: As many of you are asking via email/twitter/below the line: how can Hicks sell to Mill Financial? "How can #LFC be sold to Mill without 3/5 board approval? Or passing the Premier League test?" asks Tim Jonze. "NESV and LFC have a waterproof contract. This delay can only make LFC go in admin," says @milivojm

10.44am: Liverpool FC has just released this statement:

We are delighted that the court has clarified the issue of board composition and has removed the uncertainty around the sale process. We will now be consulting with our lawyers and planning for a board meeting tonight. A further statement will be made in due course.

10.42am: It's all getting a bit like this....(thanks to all those over the last two days who have been emailing demanding that this scene from Trading Places - and indeed several others - be included in the blog)

10.38am: It now seems to be a question of who will win this race against time to sell Liverpool FC to someone American: NESV or Mill Financial? Does the fact that Mill holds George Gillett's stake give them the advantage? Or does the binding contract agreed between the board and John W Henry actually bind?

10.37am: "Where does the FA's Fit And Proper Person test come in if Hicks wants to do a last minute sale to Mill Financial? Can he sell without that?" asks Mark Thomson.

10.33am: SELL! SELL! SELL! is the subject field of most emails now arriving in my inbox:

"if the TRO has been lifted, does that now mean that this is a race for all parties to sell the club to whomever they can as quickly as possible? Presumably, both have the paperwork ready but now Hicks has a headstart. Come on Liverpool Board, RBS and NESV, do the deal! Sell sell sell!"

says James Liddle

10.25am: "Or it might have been lifted to stop them going to Jail, both in the UK and the USA as they were a bit economical with the truth in that Dallas courtroom, and if they breach a high court judge's injunction it's generally bad news for them," emails Anthony O Connell

10.21am:

Lifting the injunction sparks a race against time for the two respective parties to get their deal through first. Sources close to the NESV deal are believed to be confident that a sale to Mill Financial would still require board approval and would therefore challenge any sale in court,

says Owen Gibson.

10.07am: David Gordon has just sent this email which might help explain what is going on:

"Can Hicks really offload his shares to Mill Financial? If you read the TRO issued in Dallas, towards the end it says:

"Accordingly, it is hereby ordered that Defendants and their officers, agents, servants, employees, and attorneys, and those persons in active concert or participation with any of them, are temporarily enjoined from engaging in the following acts:

a) Completing, closing or otherwise consummating a purported sale of Liverpool FC to Defendant NESV or any related entities as provided in the October 6, 2010 Share Purchase Agreement or on similar terms;

b) Without Plaintiff's consent, taking any action to modify, pledge, sell, transfer, seize, foreclose on or dispose of Plaintiffs' ownership interest in Liverpool FC"



Now, call this wishful thinking, but if it says that "those persons in active concert or participation with" the Defendants cannot do any of these things, surely that means Mr Hicks, who is part of the LFC board, cannot do this either? I guess it doesn't say that they can't sell to anyone, but then wouldn't Mill Financial fall under the "related entities" considering they own Gillett's stake?"

Well, David, you may well be right. But, if as sources are telling us, H&G have lifted their TRO, it might be in order to sell the club to Mill.

10.06am: Sky News's Mark Kleinman is now also reporting that H&G have lifted their Temporary Restraining Order.

10.04am: "Talks betwen Mill and Hicks have been taking place for the past 48hrs - they basically have until 4.30pm to do a deal," tweets Ben Smith.

10.02am: Sources tell me that the Temporary Restraining Order in Texas has been lifted. How this can possibly be, I don't know. But, that is what a well-informed source insists.

Photograph: Shaun Curry/AFP/Getty Images

9.59am: Paul Kelso tweets a stream of consciousness on the RBS position:

"A problem here is RBS loses its leverage at 3pm. The threat of calling in loans is driving timetable, but if they don't its empty #lfc..."

"Think H&G strategy entirely based on assumption RBS will not enforce security #lfc"

"Any other company would be in hands of administrator by tea-time. #lfc"

9.52am: Telegraph's Paul Kelso also has thoughts on Mill Financial: "Yesterday Hicks' people said he had not bought Mill/G shares. But of course he can't #lfc" and "3 days in court offered no clarity on status of Gillett/Mill shareholding. Mill haven't returned a call in 18 months #lfc"

9.45am: Will US hedge fund Mill Financial scupper everything at the very last? The BBC is also reporting that "Liverpool co-owner Tom Hicks is attempting to hijack the sale of the club by offloading his stake in the Reds to US hedge fund Mill Financial...Hicks believes he can scupper those plans by selling to Mill, which assumed control of fellow co-owner George Gillett's 50% stake in August. It would then pay off the £237m debt owed to Royal Bank of Scotland (RBS)."

9.41am: "Mill opened talks with RBS am yesterday, offering to pay off #lfc's loan. On advice of its lawyers, RBS refused to take the money," The Times's Ben Smith tweets.

9.36am: BBC's Dan Walker tweets: "Funny to think that Liverpool could be in administration by tea time tonight!" Immediately realises his unfortunate choice of words and tweets again: "I mean funny 'ridiculous' of course. Craziest week of football in the courts." And again: "Unwise choice of the word 'funny' comrades."

He is now being taken to task by a lot of people on Twitter. There are a lot of tense people out there. Try not to take it out on Dan.

9.27am: To recap, for those who are trying to get their head around today. After a second damning verdict in London's High Court yesterday, lawyers for Hicks immediately went back to the Dallas court last night for another hearing with Judge Jim Jordan but it adjourned without resolution until today. Lawyers for the Liverpool FC board, main creditor Royal Bank of Scotland and Boston's NESV will be at the 160th District Court in Dallas at 7am (1pm UK) seeking the removal of a restraining order obtained by the current owners on Wednesday night. If Judge Jordan is persuaded to overturn the temporary order he granted Tom Hicks and George Gillett, the agreed sale to NESV should proceed. The early start in Texas today is because of the 4pm deadline (British Summer Time) Mr Justice Floyd gave the Americans to remove their restraining order in his decision against Hicks and Gillett in London yesterday.

If these things don't proceed smoothly, or in the manner that the LFC board hope, then there is also the question of the RBS deadline. Will RBS pull the plug and put the club into administration? This would almost certainly lead to a 9 point deduction by the Premier League. And surely lower the value of the club. Would it end NESV's interest? Would it respark the on-off interest of Singaporean businessman Peter Lim. Yesterday, our banking expert Jill Treanor said it was unclear what RBS can do. She concluded: Even if RBS did want to call in its loan on Friday night, when the £200m plus £40m of penalty charges are due, would it be stopped from doing so?

All clear?

9.24am: Good news for Liverpool supporters who cherish the local lads at the spine of the team: "Liverpool defender Jamie Carragher has signed a new two-year contract, the club have confirmed," reports the Press Association.

9.22am: "Henry: "Will fight Mill Hicks Gillett attempt to keep club today.Their last desperate attempt to entrench their regime" Will RBS stand firm?" tweets Owen Gibson.

9.08am: Good morning: What conclusion will an epic week in Liverpool FC's history reach? (Although, obviously, there is still the small matter of the Merseyside derby to come on Sunday). What will/could/might happen today?

• A Dallas court is due to convene at 7am Texas time (1pm BST) to decide whether to continue or throw out the temporary injunction that was gained by owner Tom Hicks.

• It is deadline day for the Royal Bank of Scotland's threat to call in its debts from Liverpool FC's owners

• New England Sports Ventures' John W Henry is still in London, hoping to conclude a deal to buy Liverpool. Will the deal go ahead? Or will events conspire to thwart him?

Please share your thoughts below or via email or on Twitter.