Fairclough believes that uncertainty will deter big-name managers from coming to Anfield and admitted a temporary appointment may be the short-term answer.
"The uncertainty in terms of the ownership means that maybe we'll have to lower our hopes a little bit," he told Sky Sports News.
"Who knows, there will be a lot of names linked. Will one of the big names agree to come to Liverpool with the question mark of the ownership hanging over the club?
"If you are going to go for a big name such as a Guus Hiddink or Louis van Gaal, someone of that calibre - that sort of calibre is what Liverpool deserve and want.
"I think they are going to be a little bit reluctant given the uncertainty of the ownership.
"While I say we lower our standards, maybe there is an interim type of appointment that just gets us over the question mark of selling the club."