The Guardian says sources close to the negotiations for a £350m loan Hicks and Gillett are seeking from the Royal Bank of Scotland and the US Bank Wachovia insisted yesterday that the deal is due to be signed this week, with Hicks hoping to announce its completion tomorrow.

Stories circulated yesterday that following Monday's stock market crash RBS had asked Hicks and Gillett to increase the amount in guarantees they are personally giving to support the new borrowing, and that the new demands were causing them problems.

However, sources at both Liverpool and in the City maintained that those details have already been agreed, and that arrangements are holding firm despite the turmoil of the last fortnight. Hicks and Gillett are indeed understood to have increased their guarantees in recent weeks from £30m each to around £55m.