Liverpool takeover:Liverpool yesterday agreed to a £470 million (€710m) takeover by George Gillett Jr and Tom Hicks, and the American tycoons will waste little time getting down to business. Work will start on a £215 million ground in Stanley Park within 60 days as the pair, who have impressive histories in stadium building and development, promised supporters "the greatest facility in the sport".

There was also a one-hour meeting with the team manager, Rafael Benitez, to discuss transfer policy for the summer, and a bold claim that the new owners would aim to take on Chelsea and Manchester United at the summit.

Gillett and Hicks seized the opportunity to score public relations points by demonstrating their openness and willingness to address supporters, and by the fact they had not borrowed against the club to fund the purchase, in contrast with the takeover of Manchester United by the Glazer family which met with widespread hostility.

The pair also scored well in stressing the tradition and heritage of the club and will ensure a degree of stability by retaining the services of the chief executive, Rick Parry. Moreover the former chairman and former majority shareholder, David Moores, remains on the board as life president. Moores, who stands to make £88 million from his shares, did not attend, but Parry said it was probably "the worst day of (Moores') life" and the "biggest decision".

The other five current board members will hold honorary titles, but the make-up of the new board will have, at its core, Gillett, Hicks and their respective sons, Tommy and Foster, with the 31-year-old Foster Hicks moving to England to be the owners' eyes and ears.

For a group of supporters who have not seen their club win a league title in 17 years, however, the details of the takeover will have been of far less interest than the message from the two Americans, whose interests include Gillett's ice hockey club, the Montreal Canadiens, and Hicks's baseball franchise, the Texas Rangers, and ice hockey team, the Dallas Stars.

"This club is not far from being the best in the world, not very far from being truly a dominant side. That's what we want," said Gillett. "We need to look at all the resources we possibly can to compete with Manchester United and Chelsea. It's wrong to say we want to match Chelsea in terms of spending, but we do want to match or exceed Chelsea in winning, and there are many ways to do that. It's not just about spending money."

Hicks said: "We had an outstanding meeting with Rafa and it is now his and Rick Parry's job to bring us the (names of) ones they want and we will support them. People ask how much we will spend, but the payroll is player-specific. If we have a chance to get a great player we will do. We want to have high-quality, highly committed players, but we're not putting a budget on what we will do. The management team who have made Liverpool successful will still be making those decisions."

To take advantage of a variety of local and EC grants, work on the stadium has to start within 60 days and Hicks indicated he would have his experts look at the plans to assess whether his know-how could be used in the 60,000-seat project. There may be controversy if the Americans decide to sell naming rights to the new stadium.

"We want to build the greatest facility in the sport," Gillett said. "We want to move forward with the stadium. If selling the name is worth one great player a year for the club then we would consider it."

Their £470 million investment is, reportedly, broken down as a £175 million for the shares, £80 million to cover the club's debt and £215 million for the stadium, and Gillett has already begun the charm offensive, seeking the phone numbers of a half-dozen fans who protested about the takeover to the local newspaper so he can introduce himself personally.

"This is truly the most important sport in the world and this is the most important club in the most important sport in the world," he said. "Give us a little time, we're going to have some fun together."

Guardian Service

How events unfolded in the Liverpool takeover saga.

2004: March -Thailand's Prime Minister, Thaksin Shinawatra, is revealed to be interested in buying a stake in the club. May - Shareholder Steve Morgan claims he has had two bids to takeover the club turned down. . . Shinawatra makes a formal bid for a 30 per cent stake in the club. June - Shinawatra ends his interest in Liverpool. . . Thai media tycoon Paiboon Damrongchaitham reveals interest in buying a stake in the club. August - Liverpool reject another takeover bid from Morgan. December - Morgan abandons his proposed takeover.

2005: November- American billionaire Robert Kraft refuses to rule out investing in Liverpool.

2006: March 29th- Liverpool board confirm talks with potential investors which "may include an offer for the entire share capital of the club".

December 4th -Liverpool confirm they have "entered into a period of exclusive negotiations with Dubai International Capital about a possible investment in the club".

December 28th- DIC deny allegations it plans to sell the club in 2014 after making a huge profit.

2007: January 26th- Liverpool reveal American businessman George Gillett has made an approach "which may or may not" lead to a takeover offer.

January 30th -Liverpool board meet to discuss Gillett proposal after deciding not to formally accept DIC bid.

January 31st- DIC pull out of takeover.

February 2nd:It emerges Tom Hicks, another American owner of an ice hockey team, joined Gillett in flying to England to present Liverpool chairman David Moores and chief executive Rick Parry with their provisional offer.

February 6th- Liverpool agree to the terms offered by Gillett and Hicks to purchase the club's entire issued share capital.