Rick Parry is leaving Liverpool after failing to find a new buyer for the club, it has been revealed.

The Mirror says the Reds chief executive had spent the past month in deep dialogue with a mystery Arab group who talked about a takeover but did not deliver.

Wheeler-dealer Parry hoped to put the package together and buy out American owners Tom Hicks and George Gillett, who both want to sell the famous club if the price is right.

But when Parry's mission failed - because the new team did not come up with the cash - his time was up and his 12-year reign ended after a final meeting with Hicks.