Could the ownership of Liverpool be about to change hands again?
That is what is being speculated today in the English media, in a story that underlines the extent to which top-flight English football is as much about financial figures as 4-4-2.
The reasons why Liverpool could be sold for the second time in a year include the repercussions from America's sub-prime mortgage and housing crises and eroded bank confidence.
It seems from reports in The Guardian and The Observer, among other sources, that Liverpool's American owners, George Gillett Jr and Tom Hicks, are encountering difficulties in refinancing £350million of debt incurred in the taking over and running of the football club.
They are facing steeply rising costs for building a new stadium, while manager Rafael Benitez is demanding funds for new players.
In response, Hicks and Gillett have been attempting to transfer the debt, for which they are personally liable, on to the club itself.
City sources think it will be very difficult for them to achieve this before the loan's due date at the end of February.
And if the Americans fail to meet that deadline, they could have an escape route in Dubai. It is understood that the investment group, Dubai International Capital, is close to lodging an offer to buy out the two Americans, probably for about £500million.
Takeover discussions are thought to be due before the end of this month, according to the newspapers.
DIC were pipped to the post by Gillett and Hicks last year when it had seemed near certain that Liverpool's new owners would be Arabic rather than American.
DIC, led by Liverpool supporter Sameer Al Ansari, would invest heavily in two key areas: firstly the new stadium that Liverpool need in order to compete with Arsenal and Manchester United for matchday revenue; and secondly the playing squad.
The possible departure off the Anfield scene of the two Americans might be welcome news to Benites, who has fallen foul of them through his insistent demands for transfer funds; but the arrival of DIC as owners would not necessarily be good news for Benitez because they are thought to be keen to recruit Jose Mourinho, who is known to be interested in managing the club.
DIC were hours away from buying Liverpool last February, but lost out at the last minute to Hicks and Gillett when the club's chief executive, Rick Parry, switched his support from the Arab camp, who were perceived to be taking too long to act decisively, to the Americans.
The US businessmen paid £174.1m for a 100 per cent shareholding, also agreeing to take on the club's then debt of £44.8m.
But their purchase of Liverpool was funded solely by borrowed money. The pair's loan from the Royal Bank of Scotland grew to £350million as it was used to fund several high-profile summer transfers, as well as development work and architect's plans for the proposed new 60,000-seat stadium in Stanley Park - and to roll up the interest on the debt.
Now the RBS loan is due for repayment next month, and The Observer understands that attempts to restructure it have so far failed, while the Americans have not yet injected new equity into the refinancing.
RBS have asked Hicks and Gillett each to commit £20million of their own cash to the deal, but City sources believe that at least one of the two businessmen is not prepared to do so. Hicks and Gillett themselves were not commenting on the situation on Saturday night.
Meanwhile, work on the 'New Anfield' stadium project has been suspended while the acquisition loan issue is resolved, with no chance of funding being put in place for the £400m stadium project until it is.
A meeting in New York last week at which architects HKS and AFL presented competing stadium designs, was described by Parry merely as "another big step forward to finding the best possible solution. Everyone is reflecting on what they have heard and a clear decision will be taken soon."
The Guardian reports that RBS could even become Liverpool's new owner. "The global credit crunch has made it harder for Hicks and Gillett to raise new revenues elsewhere and also affected the value of their other assets," explains the paper. "Should they fail in their efforts to repay the £350m acquisition debt on Liverpool when it comes due in just over six weeks, there would be the possibility of the next owner of the club becoming RBS."
However, it is thought that the bank, Parry and Liverpool's honorary life-president David Moores, the former principal shareholder, are unlikely to allow the situation to develp in that way.
Parry and Moores are "horrified that the Hicks-Gillett deal has not thus far brought long-term financial stability to the club. As a consequence, there are increasing tensions between the Americans and other board members as the refinancing deadline approaches."
And Parry and Moores are thought to be open to a second takeover.
That brings DIC back into the equation. Sources in the Middle East have confirmed that DIC remain as interested in buying Liverpool as they were last year.
DIC last night refused to comment, but could solve the financial problems besetting Liverpool. A £500 million purchase price wold enable the two Americans to ride off into the sunset with a profit of £75millon each.
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