Liverpool chiefs are unimpressed by statements from their accountants about the club's financial status.
One senior Liverpool figure expressed disappointment at KPMG's message, calling it "unduly alarmist", while another said that it was a standard statement in situations where a company is in the process of negotiating a refinancing package, says The Times.
He added that, while Kop, the investment vehicle, may face uncertainty, the club are afforded some protection by the banks.
Reds co-owner Tom Hicks, who is bullish about the club's future and his prospects of remaining at the helm, is unconcerned by the figures in the accounts.
He remains highly optimistic that a refinancing deal will be agreed in the coming weeks and that outside investment will be secured after that.
However, the search for financial backing began almost as soon as they bought the club in February 2007 and, more than two years on, the new stadium remains a pipe dream.