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Oct 18, 2010

Henry defends Reds price

New Liverpool owner John W Henry has denied suggestions he bought the club for a "cheap price" and revealed he feared the takeover may provide "too big a challenge".

Hicks 'shocked and devastated'

Former co-owner Tom Hicks has been outspoken about his belief that the £300 million deal undervalued the club, describing the takeover as an "epic swindle" and "organised conspiracy".

However, Henry feels the problems at the club mean the price the New England Sports Ventures group paid was a significant risk.

"I know some people are saying this was a cheap price for the club but there is no way we look at it like that," he said. "As you do due diligence, if you are really diligent, you are trying to find everything that's wrong - and we found plenty.

"There is a huge amount of work to do here and it will take a long time. There were big financial issues but in the end we decided we really wanted to compete at this level.

"We have to be smart, bold and aggressive because it's a great challenge. There were lots of reasons why we could have decided not to go through with this.

"There were many times we thought it was too big a challenge but this club is worth it - and we are excited by that challenge."

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