Former Liverpool chairman Sir Martin Broughton has confirmed he plans to sue former co-owners Tom Hicks and George Gillett for defamation.
Hicks alleged Broughton was part of an "epic swindle" when he oversaw the £300million sale of the club last year, claiming he lost £140million as a result of the sale against his wishes.
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."
Hicks yesterday 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, criticised 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.