Liverpool co-owner George Gillett has provided the first explanation of why he wants to sell his 50 per cent share in the club, revealing that the weakness of the dollar is making it difficult to invest.

The extraordinary Liverpool ownership soap opera took another dramatic turn last night when the co-owner Tom Hicks declared he had terminated talks with prospective Dubai-based investors after they demanded a say in transfer policy and who should manage the club.

After the euphoria, a return to the harsher realities of the struggle for fourth place in the Premier League, which underpins the flimsy financial entity that is Liverpool FC. The Arab financiers seeking to buy out Tom Hicks and George Gillett suspect that the Americans might struggle with their debt repayments if denied the £15m which comes with Champions League qualification, but Rafael Benitez, the manager tasked with delivering that money by beating the likes of today's visitors Middlesbrough, conceded yesterday that he has never – and will never – find tactics of as much use to him in the Premier League as he does in Europe.

Liverpool's chief executive, Rick Parry, has called for everyone associated with the club to stop washing their dirty linen in public and unite after weeks of turmoil on and off the pitch.

Liverpool's season began to unravel last night as a penalty in the third minute of injury time from Mark Noble inflicted a defeat which distanced them yet further from the sharp end of the Premier League and a position which is not so much desirable as essential in the wake of their recent £350m refinancing by the club's American owners, Tom Hicks and George Gillett.

First they blasted Rafa's tactics and rolled out the red carpet for the Yanks – now Anfield crowd's huge U-turn is dubious at best

Liverpool's owners today announced they have completed a £350million refinancing package - and stated that they are fully behind manager Rafa Benitez.

Liverpool were preparing for the unenviable challenge of winning back the confidence of their fans last night, as the club's American owners moved towards the completion of a £350m financing deal.

It has not been a week Rafael Benitez will care to remember, but Tom Hicks's revelations about his pursuit of Jürgen Klinsmann has strengthened team spirit, the Liverpool manager said yesterday.

After the vindication of the manager, a dose of cold truth about how little Liverpool have progressed with his newfound riches this season. Jamie Carragher might have enjoyed the limelight in the demolition of Luton Town on Tuesday night but he has become the first of Rafael Benitez's players to concede that the league title is beyond them this season. Would he ever win it at Anfield? "Only time will tell. I haven't got a clue," he said.

The overture to Klinsmann puts Liverpool in Newcastle territory

Liverpool and Luton Town may be separated by 61 places in the League structure, but when their respective managers look across at each other from the dug-outs during tonight's FA Cup third round replay at Anfield, they will recognise something in common. Both men know what it is to be betrayed.

Yesterday's developments added further strain to the already difficult relationship between Rafa Benitez and Liverpool's overseas owners. Ian Herbert and Nick Harris report

Rafael Benitez's position at Liverpool is bordering on untenable after confirmation by the club's owner Tom Hicks that he and business partner George Gillett held secret talks with Jürgen Klinsmann in November to sound him out about taking over at Anfield.