The new deal could put an end to Liverpool's woes which saw them make their worst ever start to the Premier League.

"I am delighted that we have been able to successfully conclude the sale process, which has been thorough and extensive," Liverpool chairman Martin Broughton said.

"We've met them in Boston, London and Liverpool over several weeks and I am immensely impressed with what they have achieved and with their vision for Liverpool Football Club.

"By removing the burden of acquisition debt, this offer allows us to focus on investment in the team."

However, a legal dispute with Liverpool's American owners Tom Hicks and George Gillett should be resolved before a takeover is completed.

Hicks and Gillett made a last-ditch attempt to retain control of the club by sacking two members of the five-man board and bringing their own people instead of them.

The owners believe that the new deal has undervalued the club. They reportedly want the club to be sold for around £600 million.

"I am only disappointed that the owners have tried everything to prevent the deal from happening and that we need to go through legal proceedings in order to complete the sale," Broughton said.

Liverpool lie third from bottom in the Premier League table after making a disastrous start to their season.

The 18-time English champions could only collect six points from the first seven games.