Sky Sports News  understands that the consortium fronted by Yahya Kirdi expects to have signed an initial takeover deal with Liverpool by Sunday afternoon.

It emerged last week that the group of investors from the Middle East was interested in buying out Reds co-owners George Gillett and Tom Hicks and now it is reported that an agreement has been reached.

The consortium hopes that a first contract, which will not complete the takeover, will be signed before Liverpool kick-off their Premier League campaign against Arsenal on Sunday at Anfield, a game which can be seen live on Sky Sports 1 & HD1.

All parties - including Kirdi's group, Gillett and Hicks, and the Premier League, which now has tougher rules regarding the fit and proper person test - are said to be ready to gather before the weekend.

Sky Sports News has also reported that the consortium has agreed to pay off all of Liverpool's debts to The Royal Bank of Scotland and Wells Fargo, and that funds will be supplied to complete the planned construction of a new stadium in Stanley Park.
Correct decision

There has also been clarification of Canada-based Kirdi's financial position, with the former Syria international said to be 'well off' and not a billionaire as has been reported in the past.

Earlier on Monday Indian conglomerate Sahara Group, one of the parties expressing an interest in buying Liverpool, cooled their interest, while Chinese tycoon Kenny Huang has also made enquiries.

Liverpool chairman Martin Broughton is overseeing the sale, being run by Barclays Capital, and is conscious of the need to make the correct decision when it comes to a change of ownership.

In July he stressed it was important to choose the most appropriate bid and not necessarily take the highest offer, at the same time confirming co-owners Hicks and Gillett could not block a sale to a particular party if it was deemed in the best interests of the club.

Broughton, managing director Christian Purslow and commercial director Ian Ayre make up the other members of the board and can out-vote the co-owners if there is no consensus on the best candidate.

Hicks and Gillett are not inclined to support the bid by Huang, as he has insisted there will be no profit for the Americans in his calculations over what the club is worth.