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Liverpool owners put club up for sale

Tom Hicks and George Gillett have decided to sell Liverpool © Getty Images

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Liverpool owners Thomas Hicks and George Gillett have appointed Martin Broughton as the new chairman after they decided to put the club up for sale.

Broughton, the current chairman of British Airways, has been brought in to oversee the sale process and work with Barclays Capital who will advise on the operation.

Hicks and Gillett took the club over in 2007 takeover but have come under scrutiny from fans following their reluctance to invest heavily in the squad. With Rafael Benitez's side unlikely to qualify for the Champions League next season, Hicks and Gillett have decided to officially put the club up for sale, though the loss of potential revenue from not participating in Europe's premier club competition could make the club a less attractive proposition to potential buyers.

"Owning Liverpool Football Club over these past three years has been a rewarding and exciting experience for us and our families," said Hicks and Gillett in a statement. "Having grown the Club this far we have now decided together to look to sell the Club to owners committed to take the Club through its next level of growth and development.

"We are delighted that Martin Broughton has agreed to take the position of chairman, working alongside the club's excellent senior management team. Martin is a distinguished business leader of excellent judgment and with a great reputation. He is a genuine football supporter and will seek to oversee the sales process in the best interests of the club and its supporters."

Broughton, who will work alongside managing director Christian Purslow, vowed to find new owners for the club.

"I am excited and honoured to be taking up this position," he said. "Liverpool is a great club with a fantastic history. I will run this sale process in the right way, for the benefit of the club and its fans.

"Liverpool is one of the world's greatest clubs and my aim is to try and ensure that we find new owners who are able to build on the club's recent improved financial performance in order to help deliver sporting success."

Prospective buyers of the club - reported to be valued at around £500 million by Hicks and Gillett - are expected to wait until the end of the season to begin negotiations and it is thought that any new owners will continue with plans to move to a new stadium.

© ESPN Sports Media Ltd.