The Guardian view: Tom Hicks and George Gillett, Liverpool's unpopular co-owners, are expected to officially put the club up for sale this week but are unlikely to appease the manager, Rafael Benítez, or supporters opposed to their reign with an imminent departure from Anfield. The Americans have received an option to extend their refinancing deal this summer from the Royal Bank of Scotland, their lenders, in response to the struggle to bring new investment into the club. The pair have hired the mergers and acquisitions arm of Barclays Bank to help find a buyer and are expected to announce the appointment of Martin Broughton, the chairman of British Airways, as independent chairman early this week. Broughton's task will be to oversee the search for investment and secure the Americans' latest refinancing package at Liverpool in the meantime. Previously, and in a sign of their fractured business relationship, Hicks and Gillett appointed two separate banks, Rothschild and Merrill Lynch, to find an investor but have failed to receive an offer that meets their asking price of around £500m. The only official offer to emerge was The Rhône Group's proposal of £110m for a 40% stake in Liverpool, although its deadline for a response passed last Monday. The appointment of Barclays and Broughton, a Chelsea fan, had raised hope among Liverpool supporters opposed to Hicks and Gillett of their swift exit and much-needed transfer funds for Benítez this summer. However, the absence of any suitable offers has led the co-owners to seek an extension to their refinancing deal and they have made progress with the RBS following talks in London last week. It is understood a condition of RBS's latest refinancing deal – which amounts to a six-month extension – is a commitment from Hicks and Gillett that they intend to relinquish their hold on Liverpool. The Americans are expected to announce they will stand down as co-chairmen this week although, given the extension from the RBS and the bank's insistence that £100m of the club's £237m debt is repaid, their controversial tenure is likely to continue for some time. That could have an impact on Benítez's spending power in the summer, with the prospect of Champions League qualification fading after today's goalless draw at home to Fulham. "I don't have too much information on this at this moment," the Liverpool manager said.There have been reports of a second refinancing offer to Hicks and Gillett, comprising a three-year deal worth £300m from Barclays that would see the bank displace the RBS. Anfield officials have distanced themselves from a refinancing deal with Barclays. However, Hicks and Gillett could explore a deal with Barclays as a fallback option. guardian.co.uk © Guardian News and Media Limited 2010
