Liverpool owners Tom Hicks and George Gillett Jr will sell the club after appointing British Airways chairman Martin Broughton as chairman. The American duo, whose time in control of Liverpool has been marked by controversy, have asked Barclays Capital to advise on the sale process.
A statement on the club's website said Liverpool have the "full support of its existing bankers for this process".
Hicks and Gillett had initially instructed chief executive Christian Purslow to find £100million of outside investment to reduce the club's £237million debt.
But with that still unresolved and issues over funding for a new stadium in Stanley Park and providing a substantial transfer budget for manager Rafael Benitez becoming increasingly significant the Americans have decided their best option is to sell up, admitting they have taken
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