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Basically, they had massive debts and the bank called it in as they also had millions of pounds in fees. The owners had until October 15th to sell the club or pay back the loan as an agreed deadline and there was an agreement in place that the board of directors could be formed by the acting chairman while the club was for sale.
The new owner put in a bid which the board accepted as it would clear the clubs debts and he had sports team owning experience. Hicks and Gillette (the old owners) tried to block the sale because they would get no money personally out of the deal (there were bigger offers that would get them money, but I believe they were based on debt too) and claimed they fired 2 of the board and replaced them with Hicks' son and a board member from his business. This was found to not be legal by the courts with no right of appeal.
Hicks and Gillette then tried an injection in Texas, which also failed, so the new owner was installed.
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