Moores urges Liverpool owners to 'stand aside'

Tom Hicks (left) and George Gillett are in the process of selling the club (GETTY IMAGES)

Former Liverpool owner David Moores admits he "hugely regrets selling the club" to George Gillett and Tom Hicks, calling on the American pair to "accept their role in the club's current demise" and sell up.

Moores was bought out by the duo three years ago after several failed attempts to sell the club to more financially powerful owners.

However, in that time the current co-owners have fallen out with both the fans and each other, while prompting serious concerns over the club's debt and overseeing a woeful seventh-placed finish in last season's Premier League.

In a letter to The Times, Moores insists he sold to Gillett and Hicks in good faith - following assurances about their financial status - but accepts "honest mistakes" were made despite him acting "in the best interests of the club". The lifelong Reds fan admits, however, he "hugely regrets selling the club" to the pair.

In his letter, Moores said their offer "was laid out in unambiguous terms ... the document pledged there would be no debt placed upon the club, and significant funds would be made available for investment in the squad and the new stadium".

He added: "I call upon them to stand back, accept their role in the club's current demise, and stand aside with dignity."