Liverpool managing director Christian Purslow admits they had an investor lined up in Easter.
Purslow reveals, however, the offer was not to the satisfaction of underfire co-owners George Gillett and Tom Hicks.
He told liverpoolfc.tv: "By Easter there was at least one investor ready to invest in the club, but not on terms that were acceptable at that time to the owners.
"I think it's fair to say that precipitated a further series of changes; the appointment of Martin Broughton as the new Chairman, pretty dramatic changes to the Board of directors where George and Tom's family came off the Board and essentially the Board was re-jigged and, most importantly, the owners agreed they would seek a sale of all of the club rather than what we had been working on up to Easter, which was a partial investment, which I don't think was ever likely to be the optimum outcome for anybody. So I think that was a positive development in April and since then we have been working hard to try and find somebody to buy all of the club."