Liverpool have agreed an out-of-court settlement with former owners Tom Hicks and George Gillett.

Hicks and Gillett were unhappy with the way the sale of the club to Fenway Sports Group in 2010 was concluded by chairman Sir Martin Broughton, managing director Christian Purslow and commercial director Ian Ayre.

The American pair made claims against the trio, all of which were denied, resulting in legal proceedings. However, all parties have now agreed on a settlement which brings an end to the court case.

"In October 2010, Liverpool Football Club and Athletic Grounds Limited (Liverpool FC) was sold to the Fenway Sports Group," read a club statement.

"As a consequence of that sale, Thomas Hicks and George Gillett (being the former owners of Liverpool FC) made a number of allegations and claims against Sir Martin Broughton, Christian Purslow and Ian Ayre (being the company directors responsible for the sale of Liverpool FC to the Fenway Sports Group).

"Those allegations and claims were denied by Messrs Broughton, Purslow and Ayre. The allegations, claims and denials resulted in legal proceedings being commenced. The parties have now agreed a settlement (the terms of which are confidential).

"All claims and allegations made against Messrs Broughton, Purslow and Ayre have been withdrawn by Messrs Hicks and Gillett and all legal proceedings between the parties concluded. The parties will not be making any further statement to the press."

Hicks and Gillett alleged that the trio, along with the Royal Bank of Scotland, conspired to sell the club at a reduced price.