Tom Hicks, owner of the Texas Rangers baseball team and the Dallas Stars ice hockey side, has entered into a 50-50 agreement with George Gillett to purchase Liverpool football club for £450 million, according to the Telegraph.
A formal takeover announcement is expected on Monday. Dubai International Capital was previously the front-runner in the race to buy the football team, but the private equity firm decided to pull out of takeover talks earlier this week.
Hicks retired as chairman of US buyout firm Hicks, Muse, Tate and Furst, now known as HM Capital in the US, in 2004, and is one of the pioneers of the leveraged buyout.
The partnership is thought to have been formed when Hicks and Gillett met at an ice hockey game last week. It is understood in the US to be the first time that two major American sports owners have teamed up to buy a third franchise.
On Liverpool’s website, fans expressed anger at how the board had managed the takeover talks, accusing it of putting its own interests first.
Liverpool is the most successful club in English football history, having won more major domestic and European trophies than any other English side.