Singaporean businessman Peter Lim withdrew his offer for English Premier League club Liverpool today, Sky News reported, citing sources.

The withdrawal came as Liverpool returned to London’s High Court to overturn a U.S. lawsuit designed to block the club’s $475 million (£300 million) sale to New England Sports Ventures (NESV), owners if the Boston Red Sox.

That injunction was granted Wednesday evening by a Texas district court to current American co-owners Tom Hicks and George Gillett, who earlier Wednesday had lost a High Court case against the sale orchestrated by the Liverpool board and major creditors Royal Bank of Scotland (RBS).

Lim had valued the club at $507.4 million (£320 million) and had said he would make £40 million available to buy new players during the next transfer window.

Read more: http://news.sky.com/skynews/

More updates to come…