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Liverpool High Court hearing set for October 12

Liverpool's court hearing has been set for October 12 © Getty Images

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Liverpool's High Court showdown with Tom Hicks and George Gillett begins on Tuesday and the American duo might find it an uncomfortable ride with questions about how they ran their financial affairs.

ESPNsoccernet can reveal that prospective new owners New England Sports Ventures (NESV) are unhappy about some issues following their financial inspection of the club's books. The owners of Boston Red Sox are not directly involved in the litigation, which centres around the legality of the board to sell the club without the co-owners' consent, and are naturally guarded about precisely what cropped up in due diligence that raised eyebrows.

The key courtroom issue is how the Liverpool board was constructed in agreements Hicks and Gillett were party to when the Americans were forced to seek a six-month extension with the Royal Bank of Scotland on their £237 million loan.

The deal with RBS incurred personal default payments of £60 million and included the reconstitution of the board, bringing in Martin Broughton as the independent chairman, with powers to sell the club.

When Hicks and Gillett attempted their own refinancing deal in the summer - which would have mortgaged the players, stadium and training ground against the extra borrowing - Broughton's board vetoed it 3-2, and lawyers Slaughter and May ratified their power to do so.

The club plans to announce record turnover of £200 million for this year as Liverpool are a highly profitable concern, once they rid themselves of the burden of the debt incurred by Hicks and Gillett's purchase with borrowed funds.

The new owners will save £24 million when Liverpool oust Hicks and Gillett - profit from the £200 million that would otherwise be spent on servicing debt repayments.

Liverpool's hearing at the High Court has been confirmed for Tuesday, October 12.

© ESPN Sports Media Ltd.