Liverpool owners Hicks and Gillett confirm Reds are up for sale, price thought to be $770m

Tom Hicks and George Gillett, the owners of English soccer club Liverpool, have confirmed that the club is up for sale, and that British Airways boss Martin Broughton has been handed the task of overseeing the sale in his new role as chairman. Reports earlier this week indicated the Liverpool owners would be looking to secure some US$770 million from the sale.

Hicks and Gillett took over Liverpool in 2007 with the promise of a move from Anfield to a new ground that would give the club the necessary revenues to compete with its rivals at the top of the Premier League. However, Liverpool's owners have been unable to finance the move. On the pitch, despite finishing second in last season's Premier League, Rafa Benitez's side have struggled this season, and look likely to miss out on Uefa Champions League qualification for the first time in a number of years.

"Owning Liverpool Football Club over these past three years has been a rewarding and exciting experience for us and our families," said a joint statement from the two American owners. "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.

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"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."