Liverpool’s fate will be decided by in High Court tomorrow morning at 10am by Mr Justice Floyd, after a day of drama saw Liverpool’s infamous owners Tom Hicks and George Gillett branded “slippery” & by Lord Grabiner QC and Richard Snowden QC accused Hicks of “breathtaking arrogance”.

However QC Paul Girolami, fighting the corner of the Americans offered the court to believe that his clients, despite admitting their breach of the undertakings given to RBS in April 2010, had been frozen out of the sale process by Broughton, Purslow & Ayre which is why they took the actions they did. They also remain adamant that better alternative bids were not properly considered by the so called “home team” of the board, as Hicks and Gillett referred to Ayre, Purslow & Broughton’s inner circle.

Prior to the commencement of the court proceeding it was known that the Liverpool board had selected John Henry’s New England Sports Ventures (NESV) from a final two candidates to take over the club, with both bidders offering similar packages and both in the belief of Martin Broughton and the board to be suitable new owners. The identity of the unsuccessful bidder was previously not know.

However, as if the court case was not dramatic enough the remaining bidder was not only revealed but also submitted an improved offer to the Liverpool board which he impressed they considered. That initial and revised bid came in the form of Singaporean Peter Lim and his Meriton Group. The offer was instantly relayed to the court which, as his initial bid was, purely an all cash transaction from his own finances, covering £320m to remove acquisition and capital debts as well as providing a further £40m for the forthcoming January transfer window to make squad improvements. Both Lim, rather ironically owning a chain of Manchester United bars, and numerous sources such as Bloomberg, confirmed that under 24hrs prior to the decision of the club to sell to NESV, he was believed to be the preferred bidder. Rather surprising to many though, due to the high profile nature of the transaction, confirmation of the final decision was sent to him by text message.

To many Liverpool fan’s both the timing of the revised bid from Peter Lim (mid court trial and assisting H&G’s attempts to a fashion) and also his Manchester United connection’s were reasons for significant doubt and a lack of trust, however with questions still not 100% answered as to any debt element, of the NESV bid, other quarters saw a level of interest in the all cash offer from Singapore’s 8th richest man.

Peter Lim also released the following statement in line with his bid:

Singapore businessman, Peter Lim, today lodged an increased offer for Liverpool Football Club with the Chairman of the Board of Kop Football (Holdings) Ltd, Martin Broughton.

The proposal represents a total investment of £360m. The offer values the Club at £320m. A further £40m will be made available to purchase new players. Like the previous offer tabled by Mr Lim, the new offer is entirely in cash and will remove the entire acquisition debt of £200m taken on by the existing owners that has cast uncertainty over the Club’s future.

The new offer also includes a cash investment of £120m. Of this:

• £40m cash is to be allotted specifically to fund player purchases during the upcoming transfer window as the immediate priority is to ensure that the squad is strengthened for the remainder of the season.
• The balance of £80m will pay off all the Club’s bank debt, the fees and interest accruing on the bank debt, and provide additional working capital for the Club.

Mr Lim is not obtaining any financing for the offer and the funding comes from his own cash resources.

Peter Lim said: “I respect and admire Liverpool Football Club, which is steeped in tradition and history. I am committed to rebuild the Club so that it can soon regain its position at the pinnacle of English and European football, where it truly belongs. This is why I have stepped forward with this offer.”

“I believe that if its massive debt burden can be removed, the Club  would be able to focus on improving its performance on the pitch. My offer pays off the existing owners’ bank acquisition debt and also frees the Club of its own bank debt. If the Board accepts this offer, the monies are available immediately thereby removing the threat of administration.

“The Club needs to strengthen its existing squad. As part of this offer, I will be injecting £40m in cash into the Club for Roy Hodgson to bring in new players during the upcoming transfer window. Liverpool needs to start winning again!

“My offer provides a firm financial platform from which the club can rebuild. Given the manner in which the sale process has been handled, I feel Martin and the Board owe it to me, to the Club, and to the supporters, to consider my offer”.

The interest in the purchase of Liverpool Football Club was also added to by Mill Financial who are believed to taken control of the 50% share George Gillett held in the club, following his default on a £75m loan secured against his share. They too offered to remove the debt upon the club and invest in stadium developments but advised that a meeting with Liverpool Chairman Martin Broughton on Thursday of last week had been cancelled by him. During the court process it was confirmed by Philip Marshall QC, that the Liverpool FC board had targeted 130 potential investors they had made in the search for a new owner, of which was narrowed down to 27 firm levels of interest before they made their final decision.

Liverpool FC and RBS remain confident that they will succeed with the declaratory judgment that they seek from the High Court and after Mr Justice Floyd had told both parties that a decision prior to Friday of this week was “a little ambitious” he concluded the days events that a decision would be forthcoming at 10am the following morning (Wednesday October 13th 2010).

NESV had set a deadline of October 5th for a deal to be reached with the club and a further deadline of  November 1st for the deal to be completed, its lawyers advising in court that it would be seeking damages if the deal, which is signed, collapsed. RBS always looking for the recouperation of their now confirmed 75% of the outstanding £237m loan and estimated £40m fees (the remaining 25% owed to Wells Fargo) from Hicks and Gillett, remain searching for a speedy judgment on the process with the loans due to be repaid on Friday of this week, also advise that it is up to Liverpool FC whether they reactivate the sale process for any reason.

Should Liverpool gain the judgment that they seek and decide to go the route of reconsidering the improved offer from Peter Lim, or any other parties, or remain with what is thought to be an enforceable legally binding sale agreement with NESV, they could well find themselves subject to damages and compensation claims from NESV in the first scenario or from the Hicks & Gillett camp which ever route they decide to tread.

The road continues to run out for Hicks & Gillett whichever way they turn, the end inevitable which they also forced to concede. A further subplot may continue to run for a while, a twist and turn could yet await but Justice Floyd could certainly be calling “Taxi for H&G” in the morning as Liverpool fans look set to be in attendance to hopefully wave them on their way, to a manner.

Image Source: Twitter via @stuart_rose