George Gillett and Tom Hicks look set to be on their way out of Anfield, with a High Court ruling giving Liverpool power to push through a takeover.
The American duo, who have co-owned the Reds since 2007, have been reluctantly forced to concede that they cannot block a £300million bid from New England Sports Ventures.
NESV, who own the Boston Red Sox and are fronted by John W Henry, saw a formal offer accepted by the Liverpool board against the wishes of Hicks and Gillett.
With that offer set to see them make a sizeable loss on their investment, the Reds’ co-owners attempted to disrupt proceedings and retain their stranglehold on the Merseyside giants.
However, their efforts to remove high-ranking members of the board proved fruitless and it quickly became apparent that they were fighting a losing battle.
Taking the matter to the High Court was Hicks and Gillett’s last chance to stave off a sale they did not sanction and ensure they continued to hold power at Anfield.
Those efforts have been in vain, though, as Mr Justice Floyd has given Liverpool chairman Martin Broughton the go-ahead to sell the club.
Debt
He sided in favour of the Royal Bank of Scotland, who are owed over £230m by Hicks and Gillett following their takeover.
The deadline for repayment on that loan was set at Friday, with fears raised that Liverpool could be docked nine points were the debt not settled and the club’s holding company, Kop Holdings, were forced into administration.
That situation will be avoided should a takeover agreement with NESV now be put in place, with Henry making it clear that all outstanding debts will be cleared should he take charge.
Hicks and Gillett had asked a judge to delay the hearing of an application by RBS for mandatory orders but, at the bank’s request, injunctions have been imposed on the two men requiring them to restore the original constitutions of the companies and managing directors.
While the way has now been paved for NESV to complete a takeover, there is still a chance that a rival bid from Singapore billionaire Peter Lim could be negotiated.
He has vowed to stump up £320million in cash to get the club back on an even keel, with £40m available for players in the January transfer window.
The saga could rumble on for some time yet, with a takeover deal now needing to be thrashed out, but Hicks and Gillett have been refused the right to appeal, meaning one hurdle has been cleared.
A statement released by Liverpool on their official website read: “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 (Wednesday). A further statement will be made in due course.”
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