Liverpool's American owners, co-owners Tom Hicks and George Gillett, have concluded a deal to refinance the bank loan they took out to buy the club in 2007. The deal is believed to be for another year and will involve them paying back £60m of the original debt.

Negotiations between the Royal Bank of Scotland, Wachovia and the owners have continued for months the worldwide credit crunch making negotiations difficult.

There has been real fear that the banks would call in the loan, while both Hicks and Gillett have searched in vain for someone to take a minority stake in the club for around £100m.

The owners have reduced the £290m they owed to £230m, with £60m being repaid, half immediately.