American duo drop Texas lawsuit

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

Having spent the last week dragging his case through the courts to oppose a £300million sale to New England Sport Ventures - which went through on Friday afternoon - the American duo dropped the 1.6billion US dollar claim initially lodged in a Dallas court.

"Mr Hicks and Mr Gillett have withdrawn without prejudice their Texas lawsuit in order to fully comply with the order of the English court," said a statement from Fish & Richardson attorney Tom Melsheimer

However, they are considering their next move and a statement from their lawyers suggests they may bring the fight to England - where they lost a High Court battle to retain control of the club this week.

The statement continued: "We believe the order is overbroad and unfair, yet Mr Hicks and Mr Gillett respect the legal process.

"We believe that once the English court finally has a chance to hear all the facts, a very different picture will be painted."

Hicks' New York-based spokesman Mark Semer refused to elaborate on whether the battle would be fought in the English courts.

"We cannot comment on legal strategy," he said.