Liverpool FC has lined up a spectacular deal with the New York-based Rhone Group to dilute the controversial ownership of Americans Tom Hicks and George Gillett.

According to News of The World, the private equity firm have begun due diligence with a view to buying around a 40 per cent stake in the club, leaving Hicks and Gillett with around a 30 per cent stake each.

The 100 million pound deal would see controlling interest pass to billionaire financiers Robert Agostinelli and Steven Langman.

If the deal goes through, it would repay the club's Royal Bank of Scotland debt and enable work to begin on the 350 million pound new stadium.

There would also be considerable investment in the transfer market - although it is unlikely coach Rafa Benitez will be the man to spend it.

He has reached the stage where he believes it is time to quit Anfield, with Real Madrid a possible destination in the summer.

That would then allow potential new owners to install their own man at the Liverpool helm.

Managing director Christian Purslow has been scouring the globe to meet a summer deadline to repay 100 million pound of a 237 million pound debt to RBS.

There is still interest from India, Saudi Arabia and Kuwait but the Rhone Group are seen as the most viable proposition in the market. (ANI)