Liverpool have confirmed that a takeover deal has been agreed that will see the club pass into the hands of American businessmen George Gillett and Tom Hicks.
Gillett and Hicks have succeeded in a buy-out of the Reds, who rejected an earlier bid from Dubai International Capital - with the successful deal worth nearly £220million, taking into account £44.8million of debts.
A club statement confirmed: "Liverpool FC announce that the board have agreed the terms of an offer for the club from Mr George Gillett and Mr Tom Hicks.
"The board are unanimously recommending that the club's shareholders accept this offer."
A joint statement from Gillett and Hicks added: "Liverpool is a fantastic club with a remarkable history and a passionate fanbase.
"We fully acknowledge and appreciate the unique heritage and rich history of Liverpool and intend to respect this heritage in the future.
"The Hicks family and the Gillett family are extremely excited about continuing the club's legacy and tradition.
"We are particularly pleased that David Moores and Rick Parry will have a continuing involvement in the club. For us continuity and stability are keys to the future."