Allen & Overy (A&O) has won a lead role on the takeover of Liverpool Football Club by a pair of US investors.

The magic circle firm is advising US-based sports entrepreneurs George Gillett and Tom Hicks on their acquisition through bid vehicle Kop Football. The club announced earlier today that its board had recommended the offer, which is worth more than £400m in total.

Corporate partner Andrew Ballheimer is leading the team of A&O lawyers advising the pair, with projects partner Gareth Price and leveraged finance partner Jacqui Evans also advising. Ballheimer led the A&O team which advised on the 2004 acquisition of Manchester United by Malcolm Glazer for around £800m.

The Liverpool takeover offer, which is worth £5,000 per share and values the club at £218.9m including debt, is also thought to include a further £200m commitment for building a new stadium at Stanley Park. Kop Football has also committed itself to an annual budget towards player transfers.

The US offer beats an earlier bid by Dubai International Capital (DIC), made at the end of last year, which saw Freshfields Bruckhaus Deringer bag the main role for DIC. The firm fielded a team jointly led by Dubai corporate partner Bruce Embley and London co-head of private equity Chris Bown.

DLA Piper is acting on behalf of regular client Liverpool FC, with northwest corporate head Michael Prince leading the team advising the club.