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On the pitch they were slumped in the relegation zone after an embarrassing home defeat to Blackpool.

Liverpool Echo Hicks and Gillett: Where are they now five - Liverpool Echo

Just how far the club had fallen was underlined by the fact they swapped a Champions League and La Liga winning manager for Roy Hodgson, whose last honour had been the Danish title a decade earlier.

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Additionally, he has investment, ownership, and management interests in a multitude of other businesses and industries. The arrival of billionaire Roman Abramovich at Chelsea in 2003 had changed the landscape of English football. Liverpool was now officially for sale and stories emerged about interest from Hong Kong-based investment banker Kenny Huang but no firm offer followed. As the October deadline to repay RBS edged ever closer, Hicks was desperately trying to raise the cash needed to clear the debt and remain in control.Mr Hicks, 69, told The Dallas Morning News that whilst his sons were taking on more of a lead role, he was not retiring. Chief executive Rick Parry and Moores embarked on a painstaking process which finally appeared to be reaching a conclusion in December 2006 when the club announced an exclusivity agreement had been struck with Dubai International Capital (DIC). They promised to respect the club’s tradition, build the new stadium in time for the 2009/10 season and invest in the playing squad. Initially money was invested in the squad as Rafa Benitez signed the likes of Fernando Torres and Javier Mascherano, politely turning down Gillett’s offer to get him “Snoogy Doogy” as well as “whoever we get in the draft”.