Liverpool legend Kenny Dalglish is calling on the club's board to end the turmoil.
Co-owners Tom Hicks and George Gillett have fallen out now for several months, and Hicks has been searching the financial markets - banks as well as hedge funds - to try to raise the money to buy-out Gillett and fund the new stadium.
Dubai International Capital - the investment arm of the Dubai government - also still retain a long-term interest in a takeover of the club.
Liverpool council gave planning permission on Tuesday for a third re-drawing of the stadium plans, but there is no clear date on when work will start.
And Dalglish claims the potential signings targeted by boss Rafael Benitez will have second thoughts about moving to Anfield while the current situation continues.
Talking in his weekly column for the club's LFC magazine, Dalglish said: "The current impasse cannot continue much longer.
"Players around Europe are starting to look at where they want to play next season, and it is not fair for Rafa Benitez to try to enter negotiations with an arm behind his back. On the field we [Liverpool] are an attractive proposition. Off it you would have reservations about coming here while there is still issues to be resolved. How does Rafa get the sign-off to go after a player? Who signs it off and who negotiates the deal to a conclusion?"
Dalglish insists the Benitez will need the situation resolved quickly if he is to secure the players he needs before next season.
"I hope it is resolved sooner rather than later," Dalglish added. "Both Tom Hicks and George Gillett declared that Liverpool FC meant more to them than an investment for financial gain.
"Now is the time for them to prove it - blame for the situation we find ourselves in helps no-one.
"All that matters is that we arrive at a workable solution that lets the manager get the bulk of his new players in before pre-season starts."
