The move could now clear the way for New England Sports Ventures’ (NESV) to complete its £300m takeover.
The club’s major creditor, Royal Bank of Scotland, set today (15 October) as the deadline for the £240m it is owed to be repaid.
NESV is reported to have a banker’s draft ready to send to RBS.
However, it is also reported that the co-owners’ decision to lift the restraining order could see the duo attempt to seal a deal with US hedge fund Mill Financial.
Hicks and Gillett attempted their injunction on Wednesday (13 October) but the High Court in London ruled it invalid.
The duo acted after they lost a case in the High Court in London that paved the way for the club’s sale to NESV.
The co-owners are seeking £990m in damages from RBS and the club’s board.