The Sunday Mirror says New England Sports Ventures were unimpressed with Hodgsonâ€™s dealings in the transfer market in the summer.
Wing wizard Joe Cole was brought in on a free transfer from champions Chelsea, but on wages of ÂŁ120,000-a-week, while Milan Jovanovic was also recruited as a free agent. Another ÂŁ20million was spent on Raul Meireles, Christian Poulsen and Paul Konchesky.
At 27, Meireles is the youngest of Liverpoolâ€™s new boys.
That prompted Henry to appoint Damien Comolli as director of football this week without Hodgsonâ€™s knowledge.
Hodgson said ahead of this afternoonâ€™s big game with Chelsea: â€śI wasnâ€™t involved in the appointment because that would defeat the object of it.
â€śThe object for them is to put a team together that they want, not for me to populate the club with my friends.â€ť
Comolli will be tasked with identifying and recruiting new players, with Liverpoolâ€™s new owners ready to risk the friction that may cause.