Ok, I know that this is a place for "personal finance," but I thought I might try asking anyway because of the quick responses I can get from this site. Can anyone explain to me how the board can sell Hicks/Gillets stake in the Liverpool FC club without their consent? I don't have any background in finance but lots of interest in soccer ("football") and was just wondering how the deal can go through. I mean, to my knowledge, if I own a stake in something, wouldn't the people have to approach me for that stake? Can anyone clarify what I'm not understading? Thanks.
AFAIK gillet and hicks received massive loans to fund their purchase and they have not been keeping up the repayments so now the creditors own the club.
Its like getting a car on the never never, or a mortgage, i fyou don't keep up repayments the credit company take back the car or the bank repossess your house.
I am sure it is a bit more complicated than that in this case, but tbh I would be surprised if it was fundamentally different. thats why RBS and the mill fininance are involved, they provided the loans, and are probably desperately keen to sell before going into administation, which would dock liverpool 9 points and reduce the value even more.