The Royal Bank of Scotland has told Liverpool owners Tom Hicks and George Gillett that the club's £350million of debt, due to be repaid in July, will be refinanced.

BBC business editor Robert Peston said today: "I understand that Royal Bank of Scotland has told its two billionaire owners, George Gillett and Tom Hicks, that their £350m debt - which falls due for repayment on 24 July and is owed to Royal Bank and Wachovia of the US - will be refinanced.

"A new lending agreement will be put on place."

The Anfield club owes two banks £350m, one of which is RBS.

The RBS revelation comes days after Liverpool co-owner George Gillett agreed to sell one of his major assets in a deal which would ease financial pressures at the Premier League club.