The Anfield executive admitted that the Reds were on the brink of extinction before current owners Fenway Sports Group bailed them out.
"It is no secret, it's like that TV programme - Seconds From Disaster. We were sort of in that vein. It was horrific to see the football club in that state," The Mirror quotes him as saying.
"I do not think there was a Liverpool fan in the city or anywhere who was not worried we would not get to this position we are in now, for many reasons.
"People sometimes forget how bad it was. I speak to people now and they have really short memories. When you think about that day when we tipped it over the edge and finally pulled it back, we have come such a long way."
Liverpool are the bookmakers' favourites to clinch the Premier League title this season, currently sitting five points clear at the top of the table.