Liverpool FC agree sale deal

Liverpool Football Club will be sold to new owners who will pay off their debts and spend money on the team.

The club plan to sell to New England Sports Ventures - an American company who own a baseball team called the Boston Red Sox.

It is not a done deal yet - the Premier League need to approve it and a legal challenge from the current owners to try and stop the deal needs sorting out.

Martin Broughton, Liverpool FC Chairman, said:

"I am delighted that we have been able to successfully conclude the sale process which has been thorough and extensive.

"The Board decided to accept NESV's proposal on the basis that it best met the criteria we set out originally for a suitable new owner. NESV's philosophy is all about winning and they have fully demonstrated that at Red Sox.

"We've met them in Boston, London and Liverpool over several weeks and I am immensely impressed with what they have achieved and with their vision for Liverpool Football Club.

"By removing the burden of acquisition debt, this offer allows us to focus on investment in the team.

"I am only disappointed that the owners have tried everything to prevent the deal from happening and that we need to go through legal proceedings in order to complete the sale."

Earlier Liverpool's current owners Tom Hicks and George Gillett had announced that two bids for the club were not high enough.

They said they remained "committed" to selling the club but only at a price that reflects the investment they have made in the club.