Time to go: George Gillett (left) and Tom HicksLiverpool's unpopular American co-owners Tom Hicks and George Gillett have confirmed that they are to sell the Anfield club.
Martin Broughton has been announced as the new club chairman in order to oversee a formal sale process, while Hicks and Gillett have also engaged Barclays Capital to advise on the sale.
A statement on the club's website said Liverpool have the 'full support of its existing bankers for this process'.
Hicks and Gillett had initially instructed chief executive Christian Purslow to find £100million of outside investment to reduce the club's £237m debt.
But with that still unresolved and issues over funding for a new stadium in Stanley Park and providing a substantial transfer budget for manager Rafa Benitez becoming increasingly significant the Americans have decided their best option is to sell up
A statement from 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.
Anfield unrest: Liverpool fans protest against Hicks and Gillett'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, currently Chairman of British Airways PLC and deputy president of the Confederation of British Industry, will work as part of the club's existing management structure, the club also confirmed.
Reds fans will be anxiously waiting to see if the new owners hold on to star striker Fernando Torres (above) and manager Rafa Benitez (below) 
Purslow, Commercial Director Ian Ayre and Financial Director Philip Nash complete the management team, who will continue the day-to-day running of the club.A statement from Broughton read: '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.'
There are already several rumours over the identity of any potential new owners.On Thursday the agent of Liverpool manager Rafa Benitez claimed that Chinese investors were interested in buying the club, providing Benitez himself remained as manager.
And on Friday Hicks and Gillett were said to be locked in takeover talks with Syrian businessman Yahya Kirdi, according to the Mirror.
The paper also claims that ex-Celtic captain Andy Lynch has been appointed by Kirdi to facilitate the bid and quotes Lynch as saying: 'Talks are ongoing with Tom Hicks and George Gillett and are at an advanced stage.
'The planned buy-out will have massive implications for Liverpool Football Club. Everyone knows Liverpool aren't the force they once were so this is just what they need at this time.'
Not much Kop: Steven Gerrard (left) and Jamie Carragher (right) have endured a miserable season, with Liverpool underperforming in several competitionssource: dailymail
