Thursday, October 14, 2010

The Night Before: Will Liverpool's Future be Resolved on Friday?

A woman exits the club shop at Liverpool football club in Liverpool, northern England, October 14, 2010. Liverpool's takover saga resumed in London's High Court on Thursday, with the club's board seeking to overcome a restraining order on an agreed sale just as rival bidder Peter Lim announced he was pulling out. A High Court ruling on Wednesday paved the way for Liverpool to be sold for 300 million pounds ($479.8 million) to New England Sports Ventures (NESV) before owners George Gillett and Tom Hicks obtained a temporary block in a Texas district court. REUTERS/Darren Staples  (BRITAIN - Tags: SPORT SOCCER BUSINESS)

As of this afternoon the future of Liverpool FC was, to a degree, back in the hands of the Honorable Jim Jordan, Judge of the District Court of Dallas County, Texas, 160th Judicial District, as attorneys for the Royal Bank of Scotland et al sought to have the temporary restraining order preventing the sale of Liverpool FC to NESV lifted. I'm not privy to the details of today's proceedings, but I do know that the court adjourned and will reconvene at 7:00 am central time tomorrow.

It's possible that Judge Jordan will review the law, pleadings, and arguments tonight and make a decision right of way tomorrow, or he might allow more oral argument before making a ruling tomorrow (though, he could postpone a decision until next week).

Time is of the essence as Liverpool FC is scheduled to go into administration unless an order to transfer funds for the purchase of the club is made by 3:00 pm London time tomorrow. At this point, I'll let my brethren in England explain the ramifications of administration and whether that process can be prevented if the Texas court doesn't rule in favor of RBS tomorrow.

CLICK HERE for an article from the Telegraph regarding the current Liverpool situation.

CLICK HERE for the Guardian's take.

CLICK HERE for an article by a sports law professor Michael McCann regarding the current legal situation.

I'm hoping a friend of mine who lives in the Dallas/Fort Worth area will be able to attend tomorrow's hearing and alert us to the results as soon as possible. Keep an eye on my twitter feed - - for updates.

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