An announcement released on behalf of Kop Football Limited confirmed the pair have reached an agreement to buy 98.6 per cent of the club's shares. Under Stock Exchange rules the remaining shares can now be compulsorily purchased and Gillett and Hicks' offer is "closed".
The announcement also confirmed the duo will seek to re-register the club as a private limited company [plc]. Liverpool's board initially agreed to the takeover on February 6 after rejecting a rival bid from Dubai International Capital.
Earlier this month Hicks and Gillett gained unconditional control of the club by passing the 80 per cent threshold of share agreements, and today's announcement brings their takeover to a conclusion.
Steve Morgan, formerly Liverpool's third-largest shareholder, has given his backing to the American takeover at Anfield. The building and hotel entrepreneur had held 6 per cent of the shares in Liverpool and on three occasions tried unsuccessfully to buy control from David Moores, the former chairman.
Now Morgan has revealed that he sold his holding before yesterday's final deadline set by Hicks and Gillett. Morgan will have collected about £10 million for his stake, at £5,000 a share, while Moores has acquired £88 million for his controlling interest.
Morgan said: "I spoke to George Gillett and recognised he needed the 100 per cent ownership, so I decided to sell my shareholding to the new owners."