LONDON (REUTERS) - Liverpool said on Friday that a settlement between former owners Tom Hicks and George Gillett and directors involved in the sale of the Premier League football club had been agreed following a long-running legal battle.

Fenway Sports Group (FSG) completed their takeover in Oct. 2010, bringing to an end the acrimonious reign of Hicks and Gillett who tried to block the sale by RBS bank.

"As a consequence of that sale, Thomas Hicks and George Gillett (being the former owners of Liverpool) made a number of allegations and claims against Martin Broughton, Christian Purslow and Ian Ayre (being the company directors responsible for the sale of Liverpool to the Fenway Sports Group)," Liverpool said in a statement on their website (www.liverpoolfc.com).

"The parties have now agreed a settlement. All claims and allegations made against Broughton, Purslow and Ayre have been withdrawn..."

The legal battle began after Liverpool were sold by RBS to Fenway - headed by American businessman John W. Henry - in a £300 million (S$593 million) deal in October 2010.

Hicks and Gillett alleged that the club had been sold at a "substantial undervalue", terming the sale an "epic swindle".