Reds duo accept defeat

But they plan to pursue damages for £1billion

Hicks and Gillett: Seeking damages

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Liverpool's co-owners Tom Hicks and George Gillett have accepted defeat in their attempts to block the club's sale but will pursue damages of £1bn.

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The Texas court have now confirmed they have lifted the restraining order blocking the sale of Liverpool leaving the way clear for New England Sports Ventures (NESV) to secure control of the Anfield outfit.

Liverpool revealed last week that they had agreed a £300million deal with NESV to sell the club and now the latest obstacle has been removed John Henry's NESV can finally complete their protracted takeover.

In a week of drama for the Merseyside club the American pair had obtained a temporary restraining order against the sale of the Anfield club to NESV on Wednesday, blocking the deal which had been ruled legal by the British courts just hours earlier.

When obtaining the injunction on Wednesday Hicks and Gillett revealed they planned to seek $1.6billion (£1bn) damages after describing the deal as an 'epic swindle' and they will continue with those plans after finally conceding defeat in their bid to block the sale of the club.

A statement from Hicks' and Gillett's New York representatives announced they would sue for "at least $1.6billion" for "an extraordinary swindle". The move suggests an acceptance that they will have to relinquish ownership of the club.

Extraordinary swindle

The statement read: "It's an extraordinary swindle and it will result in exactly the wrong thing for the club and the fans."

Steve Stodghill, the Texas attorney representing the duo, added: "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 [Club]. That is exactly the opposite of what my clients wanted to achieve."