Tom Hicks is ready to sell his 50 per cent stake in Liverpool, it has been revealed.

The Sun says he is believed to have instructed global financial giants Merrill Lynch to find a buyer.

Hicks bought the club with fellow American George Gillett for £219million in February 2007.

He hopes to complete a sale before their £350m refinancing deal with RBS has to be restructured in July.

Both men were given a six-month reprieve on the arrangement in December, giving them breathing space to find the £30m interest repayments on the loan.

But with little chance of that being re-approved in the current economic climate, Hicks seems keen to cash in now.

Gillett denies he is looking for a way out after news he is considering selling some of his sporting assets.