London, England (CNN) -- Singaporean businessman Peter Lim lodged a new offer Tuesday for Liverpool Football Club, as the owners of the team went to court in London to contest an earlier bid.
Lim said his proposal represents a total investment of 360 million pounds ($570.8 million), including 40 million pounds ($63.4 million) for the purchase of new players. The offer is entirely in cash, he said.
Liverpool's American owners, Tom Hicks and George Gillett, were at the High Court in London Tuesday opposing the team's acquisition by New England Sports Ventures (NESV), the owners of baseball's Boston Red Sox.
Their lawyers said Tuesday the men no longer oppose the sale, but rather the procedure by which the deal was reached. Hicks and Gillett believe superior offers were on the table and, in the end, were not chosen, their lawyers said.
If Hicks and Gillett win, it could see the five-time European champions put into administration.
CNN
