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By Kim Hjelmgaard, MarketWatch
LONDON (MarketWatch) — Britain's struggling Liverpool Football Club said Wednesday its board has agreed terms to sell the team to New England Sports Ventures, owners of the Boston Red Sox baseball team.

The value of the deal was not immediately disclosed, but the purchase, which could see the new owners repay all of Liverpool’s long-term debt, is thought to be worth around 250 million pounds ($400 million), according to reports.

“By removing the burden of acquisition debt, this offer allows us to focus on investment in the team,” said Martin Broughton, Liverpool FC chairman, in a statement on the team’s official website.

Liverpool FC’s current owners, U.S. businessmen Tom Hicks and George Gillet Jr., reportedly oppose to sale on the grounds that the offer undervalues the U.K. team. They are said to be considering legal action to scupper the deal.

In addition to the Boston Red Sox, New England Sports Ventures owns companies including New England Sports Network, Fenway Sports Group and Roush Fenway Group.

The sale is subject to approval by the Premier League — the U.K.’s main professional soccer league — and to the resolution of a dispute concerning board membership.

Liverpool FC endured a dismal start to the 2010 season, their worst in 57 years; the team are currently in third-from-last pace.

The team have been English champions 18 times in their history.

Kim Hjelmgaard is a MarketWatch editor based in London.