Stadium construction a condition of Liverpool sale

Any buyer for Liverpool must commit to building a new stadium, their new chairman said yesterday. Fans were also assured that there was no need to sell star players such as Steven Gerrard and Fernando Torres.

Martin Broughton was speaking after Tom Hicks and George Gillett Jr, the Liverpool co-owners, confirmed their intention to sell the Barclays Premier League club, who are £237 million in debt, by naming him chairman with immediate effect.

Broughton, 63, who has been appointed to oversee a formal sale process, said any buyer would have to show commitment to building the new stadium to be taken seriously.

"We want to do the right thing for Liverpool and a new stadium is doing the right thing," he told The Times. "It will add long-term value to the club and if we are looking for a new owner, that is something they will have to accept."

Stressing that the sale would not be rushed, Broughton - also the chairman of British Airways - insisted that the club retained the support of Royal Bank of Scotland (RBS). He said RBS had agreed to continue with its present loans, while Barclays Capital, the investment bank, had been appointed to advise on the sale process.

"RBS have been willing to give me and Barclays Capital the time we need to do a proper process," he said. "It [the bank's continued support] is also recognition that bringing me in means it [a sale] is going to happen."

Broughton tried to allay supporters' fears that Hicks and Gillett were not sincere about selling the club. "They are committed to a sale at a reasonable price, although I am not going to define what a reasonable price is," he said. "I would not have come in if they weren't serious.

"Everybody wants to know straightaway who the buyer is, but I am asking for a bit of patience on the part of the fans - give us a few months to get the process under way."

Broughton, a lifelong Chelsea fan, said he had not met Hicks or Gillett before receiving the approach from Michael Klein, a friend and the Wall Street banker formerly with the Citigroup financial services company. "Tom Hicks and George Gillett both knew him from old and listened to some advice from a trusted friend," Broughton said. "I'd never met them but I have known Michael for some time and I got a call out of the blue on Easter Saturday.

"Liverpool is one of those great institutions. Not only do they make football great, but they also make the Premier League great. I am excited and honoured to be taking up this position."

Broughton said he was undeterred by the possibility of being given a hard time from supporters. "You have to be thick-skinned about this," he said. "I think the fans will be big enough to know that I've come here to do the right thing for Liverpool FC. They will also be big enough to respect the fact that I am a Chelsea fan."

Broughton insisted that he would not be involved in any talks over the future of Rafael Benítez, the manager. "My view is that Christian Purslow [the managing director], Ian Ayre [the commercial director] and Philip Nash [the ]chief financial officer] are running the footballing side of the club," he said.

"But this [the decision to find a new owner] is good news for the manager, it's good news for the players and it's good news for the fans. There is no need for a fire sale [of players], there is no need to do anything hasty."

Hicks and Gillett said in a statement: "Owning Liverpool Football Club over these past three years has been a rewarding and exciting experience for us and our families. Having grown the club this far, we have now decided together to look to sell the club to owners committed to take the club through its next level of growth and development."

This story has been reproduced from today's media. It does not necessarily represent the position of Liverpool Football Club.