Two new bids for the Anfield outfit were tabled earlier in the day, both of which have been described as 'excellent' by the Premier League club.
Liverpool's board were due to meet to discuss the offers and give the green light for a change of ownership, with both prospective buyers promising to pay off the club's £282million debts.
But in an astonishing move from American duo Hicks and Gillett, they turned down the chance of a sale and have now attempted to remove managing director Christian Purslow and commercial director Ian Ayre from the decision-making process.
A statement on the club's official website read: "The board of directors have received two excellent financial offers to buy the club that would repay all its long-term debt.
"A board meeting was called today to review these bids and approve a sale.
"Shortly prior to the meeting, the owners - Tom Hicks and George Gillett - sought to remove managing director Christian Purslow and commercial director Ian Ayre from the board, seeking to replace them with Mack Hicks and Lori Kay McCutcheon.
"This matter is now subject to legal review and a further announcement will be made in due course.
"Meanwhile Martin Broughton, Christian Purslow and Ian Ayre continue to explore every possible route to achieving a sale of the club at the earliest opportunity."
Sky Sports News understands that one of the offers has come from the owners of the Boston Red Sox baseball team, while the other is from a Far East consortium.
Hicks and Gillett are seeking a figure in the region of £600million but need to find a buyer before 15th October to repay their £282million loans to the Royal Bank of Scotland and Wachovia.
If they are unsuccessful then RBS are poised to take control of Liverpool, the asset against which the loans are secured, and sell the club themselves to recoup their cash.
The American duo have become increasingly unpopular with Anfield supporters, who blame their on-field woes on the behind-the-scenes bickering which exploded further on Tuesday evening.
New manager Roy Hodgson was appointed in the summer following the departure of Rafa Benitez but has come under fire himself after the Carling Cup humiliation at the hands of Northampton and Sunday's dismal home defeat by Blackpool.
Barclays Prem Relegation 10/11 Relegation: Liverpool 20/1
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