Liverpool's former managing director Christian Purslow has claimed that the club were once just 24 hours away from being placed in administration.
Purslow was part of the negotiation team that oversaw the sale of the Reds to Fenway Sports Group owner John W Henry last year.
Without that deal, Purslow believes that Liverpool could have descended into financial meltdown.
"People have short memories, it's only 15 or 16 months ago we were a day away from being in administration," said Purslow. "We are now stable financially.
"It's year one of what [Fenway] said when they bought the club would be a long journey."
Kenny Dalglish's side yesterday lost the FA Cup final 2-1 to Chelsea.