Liverpool takeover completed in eight weeks

AFP - 27 March 2007 20:22

George Gillett(L) and Tom Hicks, seen here in February 2007, have completed their takeover of Premiership club Liverpool in just eight weeks compared to the more lengthy process at Manchester United.

LIVERPOOL, England (AFP) - George Gillett and Tom Hicks have completed their takeover of Premiership club Liverpool in just eight weeks compared to the more lengthy process at Manchester United.

Gillett and Hicks announced on Tuesday they had secured 98.6 percent of the club's shares, and would now apply to take the club into private ownership, ending the need to hold annual general meetings.

It was the final act of the high-speed takeover, in sharp contrast to the controversial deal when another American, Malcolm Glazer, took control of Manchester United.

The difference between the two deals could not be a greater contrast, the Glazer family having held United shares a full two years before they mounted their takeover bid.

From the day that United's board recommended not to accept Glazer's original offer - October 25, 2004 - there was eight months of bitter fighting with shareholders before the Old Trafford club was finally sold in June 2005.

How different has been Liverpool's transition into American hands. It was on January 29 when the club's board first rejected the Dubai bid and opted to give Hicks and Gillett the chance to mount their own move.

And on Tuesday it was almost eight weeks to the day that it has taken to secure the full sale of the club, with chairman David Moores picking up 88 million pounds for his majority shareholding.