LIVERPOOL can look forward to a virtually debt-free future after New England Sports Ventures (NESV) yesterday completed the £300 million (€343.6m) takeover of the club to bring a frenetic week to a conclusion.

Former Liverpool co-owners Tom Hicks and George Gillett have dropped their £1bn (€1.14bn) Texas lawsuit against Royal Bank of Scotland and the club’s directors but could still launch action in England.

Liverpool's major creditors the Royal Bank of Scotland will today seek High Court confirmation that the club's owners Tom Hicks and George Gillett are in breach of contract and not in a position to block a sale.

Liverpool remain confident of success in their High Court showdown with their American owners despite Tom Hicks denying he ceded control of the club to chairman Martin Broughton.

Liverpool co-owner Tom Hicks is determined to fight to hang on to control of the club after refusing to recognise chairman Martin Broughton’s authority.