Debt-ridden Liverpool FC has been put up for sale by its American owners.

Liverpool Football Club has been put up for sale by its American owners Thomas Hicks and George Gillett just three years after they took control.

The announcement comes as Martin Broughton, Chairman of British Airways (BA) and Deputy President of the Confederation of British Industry, is appointed as the new Chairman of the Club.

Mr Broughton will oversee the sale process together with Managing Director Christian Purslow.

Broughton commented: “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.”

A joint statement by Hicks and Gillet said: “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.”

The Club said it has already received numerous expressions of interest from potential buyers and has appointed Barclays Capital to advise on the sale process, but buyers will need to be able to handle the £237 million of debt the Club is in.

“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,” added Broughton.

Liverpool are currently fighting for a position in the Premier League which would see them compete in the UEFA Europa League next season – a sure fire revenue-raiser. The Club has been given a rough ride by the media in the last year with its manager Rafael Benitez attacked for the Club’s underperformance.