The Liverpool board will resist any attempt by their American owners Tom Hicks and George Gillett to remain in power by refinancing their loans on the club's assets.
The two Americans owe £237million plus additional huge penalty fees to the Royal Bank of Scotland and the loan is up for repayment or renegotiation in mid-October.
But as the club has still not been sold either option appears unlikely, which is why Hicks is trying to find funding from elsewhere.
Liverpool managing director Christian Purslow said: "I can't speak for the owners but I am absolutely sure that both of them are totally committed to trying to sell the club as soon as possible.
"They haven't had an offer yet that they like and so I suspect that both of them individually and collectively are pursuing their other alternatives and that's their prerogative".
But asked if that meant the owners could then refinance the debt against the club's assets – including the players, stadium or training ground – he said: "That would require board approval and the other members of the board have made it clear that's not what we want to see happen".
Purslow also dismissed fears that the club would go into administration if a sale does not go ahead.
"Liverpool Football Club is not going bust. We have an extremely healthy business with record revenues and we are highly profitable," he said.
"We have cash, we are solvent, we have banking facilities which last beyond the end of next season and we are heavily scrutinised by the Premier League.
The Guardian
