Liverpool reach settlement with former owners

Liverpool: Liverpool say former owners Tom Hicks and George Gillett have withdrawn their legal proceedings against the English Premier League club after agreeing to an out-of-court settlement.

The Americans lost control of Liverpool in what they claimed was an "epic swindle" by club directors and a bank in October 2010, when the 18-time English champions were bought for 300 million pounds (then $476 million) by the parent company of the Boston Red Sox.

Hicks and Gillett pursued legal action but Liverpool says "all claims and allegations ... have been withdrawn" and "all legal proceedings between the parties concluded." Liverpool says on Friday the terms of the settlement are confidential.