Liverpool reaches settlement with former owners

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LIVERPOOL, England (AP) — Liverpool says former owners Tom Hicks and George Gillett have withdrawn their legal proceedings against the English Premier League club after agreeing to an out-of-court settlement.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Hicks and Gillett pursued legal action, but Liverpool said on Friday that “all claims and allegations … have been withdrawn” and “all legal proceedings between the parties concluded.”

Liverpool said the terms of the settlement are confidential.