Chairman Martin Broughton yesterday confirmed the agreed sale to John W Henry and his NESV group, revealing that Hicks and Gillette had illegally attempted to remove Christian Purslow and Ian Ayre from the board and replace them with Hicks' son and assistant Lori McKutcheon.
Hicks has sinceinsisted that the new board is legitimate and claims: "There were no such undertakings given to Broughton. The board has been legally reconstituted, and the new board does not approve this proposed transaction."
Both parties will receive 24 hours notice before the case is heard by the court and an appeal process is available to Hicks and Gillett if they lose. If successful they would have to repay RBS £237m by 15th October or face administration and be forced to sell to NESV.