BA chairman to oversee Liverpool FC sale

Liverpool owners Tom Hicks and George Gillett Jr have confirmed their intention to sell the club after appointing British Airways chairman Martin Broughton as chairman today.

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”.

Broughton will work alongside the club's existing management team of managing director Christian Purslow, commercial director Ian Ayre and financial director Philip Nash.

The day-to-day running of the club remains in the hands of this team, the club stated.

Hicks and Gillett had initially instructed chief executive Christian Purslow to find US$100m (€114m) of outside investment to reduce the club's $237m (€270.22m) debt.

However, with that still unresolved and issues over funding for a new stadium in Stanley Park, providing a substantial transfer budget for manager Rafael Benitez and the likely lack of Champions League football next season becoming increasingly significant, the Americans have decided their best option is to sell up, claiming they have taken the club "as far as they can".

Thomas Hicks and George Gillett said in a statement: "Owning Liverpool Football Club over these past three years has been a rewarding and exciting experience for us and our families.

"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 said: "I am excited and honoured to be taking up this position. 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."