Liverpool owner George Gillett refused to rule out selling the club; but has revealed that financially, the business is well placed to cope with the current economic decline.

"I don't know all of the facts. What I read is not in the newspapers because it is an unreliable source - what I am looking at are other financial filings which I think are more reliable," Gillett said.

"There are certain sports which have felt the impact. It's a good time to be cautious but it's a bit early to write the obituary of professional sports.

"The stories feed on themselves and some are made up.

"With regard to what we're doing we would not have any comment on that - there has already been enough speculation on that."