Can the owners sack a board...........

[barefoot1]

Can a football clubs owners sack the board when they are protecting the club from the owners bad decisions. Liverpool Football Club tonight issued the following press statement: The Board of Directors have received two excellent financial offers to buy the Club that would repay all its long-term debt. A Board meeting was called today to review these bids and approve a sale. Shortly prior to the meeting, the owners - Tom Hicks and George Gillett - sought to remove Managing Director Christian Purslow and Commercial Director Ian Ayre from the Board, seeking to replace them with Mack Hicks and Lori Kay McCutheon. This matter is now subject to legal review and a further announcement will be made in due course. Meanwhile Martin Broughton, Christian Purslow and Ian Ayre continue to explore every possible route to achieving a sale of the Club at the earliest opportunity.

 

[barefoot1]

..............

 

[Scalloway]

Yes shareholders can sack a director

 

[barefoot1]

Yes shareholders can sack a director

Do you have any knowledge of this story? Its breaking news everywhere.

Part of a previous refinance deal was that the shareholders will not decide who is on the board other than themselves. 1 of the other board members were appointed by RBS who financed the loan and it was written into agreement that the RBS board representative would select the final 2 members making a total of 5 on the board.

 

[akirk]

are you from the football club?
their situation is far too complex for advice etc. on this forum...

Alasdair

 

[barefoot1]

No my friend im not from the Club. Im sure they have specialist who are paid to advise them. Im just an interested fan looking for a debate amongst more financially/legally astute posters who would have a better understanding than the fans forums.