Former Liverpool co-owners Tom Hicks and George Gillett are to be sued by the club's ex-chairman, Sir Martin Broughton, for defamation.
Hicks alleged Broughton was part of an 'epic swindle' when the latter oversaw the £300million sale of the club in 2010.
The American claims he lost £140m as a result of the sale against his wishes and was critical of Broughton in the process.
Broughton told The Times: "I am suing to have my name cleared, not for any money.
"They made accusations of fraud and conspiracy which were wholly unfounded. I am not losing any sleep. I know I acted properly."
On Thursday, Hicks lost his bid to overturn an injunction preventing him launching legal action over the sale in the United States without prior approval from an English court.
Mr. Justice Floyd, who made the ruling, criticized the delaying tactics of Hicks and Gillett, both during the sale process and in the subsequent months.
The judge also dismissed an application to strike out or stay claims by Broughton.
New England Sports Ventures' application to be allowed to join the Broughton action was granted by the judge.
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