Liverpool's Losses!

[Slave to the rhythm]

Liverpool chairman David Moores admitted he was close to quitting his post after the English Premiership club announced record losses of £21.9 million at its annual general meeting.

Moores, whose family have played a key role behind the scenes at Anfield for more than 50 years, said it was clear he could not match the financial power of local businessman Steve Morgan, who told shareholders of Thursday of his fourth bid to take control of the Merseyside giants.

"I am still considering Mr Morgan's offer and perhaps it is time now," Moores, chairman since 1991, said.

"It's been a difficult year. I love the club dearly but it is obvious I cannot compete with Mr Morgan's millions," added Moores following a season where Liverpool, after finishing fourth in the Premiership and failing to win a trophy, sacked manager Gerard Houllier and replaced him with former Valencia boss Rafael Benitez.

"At the end of the meeting I will have to come to a decision one way or the other.

"It has been unbearable for myself and my family and I have hardly slept. But all of us have tried to work in the best interests of the club," Moores insisted.

Morgan's latest offer, worth some £70 million, comes after he was left dumbfounded by the hostility to his previous proposals from the existing board who nevertheless appeared to give serious consideration to a bid spearheaded by Thai prime minister Thaksin Shinawatra.

But now Morgan finds himself up against a new offer believed to be tabled by an American consortium of entertainment executives.

"It's been a lot of anguish and I do not like washing our dirty linen in public," Morgan said

"I would like to draw a line in the sand and move forward. I have got an offer on the table and you can have the money in the bank by Christmas to give money to Rafael Benitez and get the new stadium on the go. Please accept my offer."

Meanwhile Liverpool finance director Les Wheatley said the cost of plans to move from their 45,000 capacity Anfield home to an new site in Stanley Park - which separates the club from city rivals Everton at Goodison Park - had escalated to near the £115 million mark.

But despite the rapidly rising price tag, Liverpool chief executive Rick Parry insisted the club were still opposed to the idea of a groundshare with Everton.

"We have made our personal preference clear. We have had a number of approaches regarding a groundshare and we have made it clear we want to have our existing grant application processed," Parry said.

Wheatley said the rising cost of the new stadium - which had been marked at £80 million at last year's AGM - was mainly due to the costs incurred during the continuing delay in securing approval.