A Texas court will decide on the future of the restraining order that is blocking the sale of Liverpool Football Club to the owners of the Boston Red Sox.
A state judge in Dallas, Texas, scheduled an extraordinary early-morning hearing Friday to decide the future of English Premier League club that is also renowned as the most successful in the championship history.
The contentious issue of determining the sale price remains the main legal argument as current owners Tom Hicks and George Gillett do not agree to the 300 million pounds, or $476 million, offered by New England Sports Ventures, which is led by Red Sox owner John Henry.
The owners think that Henry has seriously undervalued the team and that Liverpool's other three directors backed the sale for their personal benefits. The club is facing an Oct. 15 deadline from the Royal Bank of Scotland to clear its debts and it is facing the threat of being put in the hand of receivers.
The temporary restraining order was granted by a state court judge in Texas on Wednesday that blocked the sale to NESV. British High Court judge Christopher Floyd said Thursday that Texas action must be dropped, or Hicks and Gillett would face "contempt of court".
The hearing by Texas District Judge Jim Jordan is scheduled for 7 a.m. CDT, which corresponds to 1 p.m. in London.
NESV lawyers in both Texas and London have blasted the owners for resorting to extreme measures but are confident that the sale would be completed after the Texas case is withdrawn.
