Liverpool co-owners Tom Hicks and George Gillett have removed the restraining order preventing the club's sale to New England Sports Ventures.
However, the move is not designed to help NESV seal its £300m deal, but to aid Hicks in his attempt to sell his stake to US hedge fund Mill Financial. The club is hoping to tie up a deal with NESV on Friday, but Hicks believes he can still scupper its plan.
Mill could then pay off the £237m debt owed to Royal Bank of Scotland (RBS).
NESV's deal was being held up by the restraining order, which was issued by a court in Texas. The court is set to resume its hearing at 1300 BST on Friday, when it is expected that the order will be officially lifted.
 | DAVID BOND'S BLOG BBC sports editor David Bond |
BBC Sports editor David Bond said: "The restraining order prevents any other buyer - such as Mill - from paying off the £237m loan to Royal Bank of Scotland, due on Friday, because it binds RBS as well as the board of Liverpool and its parent companies based in the UK. "
Now it appears as though Mill - who already own co-owner George Gillett's stake in the club - and NESV are vying for control of the Anfield club, with Reds chairman Martin Broughton and managing director Christian Purslow both saying on Friday they are "confident" a deal with NESV will go through.
NESV owner John W Henry added on his Twitter feed: "We have a binding contract. Will fight Mill Hicks Gillett attempt to keep club today. Their last desperate attempt to entrench their regime."
The Reds must pay off their loan to RBS on Friday to avoid the threat of administration, which could see Liverpool hit by a nine-point penalty in the Premier League, though that is unlikely with a sale imminent.
| LIVERPOOL OWNERSHIP TIMELINE 16 April: Club put up for sale by Hicks & Gillett 4 October: Club receive two "excellent bids", one from NESV, one from Asia 5 Oct: Hicks & Gillett seek to remove Purslow & Ayre from Liverpool board 6 Oct: Board agrees to sell club to NESV for £300m 8 Oct: Premier League clears NESV to continue with takeover 12 Oct: Hicks & Gillett lawyers admit breach of RBS contracts by trying to sack board members 13 Oct: High Court rules against Hicks & Gillett, allowing NESV sale 13 Oct: Hicks and Gillett gain restraining order on the sale in Texas court 14 Oct: High Court rules Hicks & Gillett injunction is ineffective 14 Oct: New hearing begins in Dallas, adjourned until Friday |
Sports lawyer Graham Shears also gave Liverpool fans some hope that they will avoid administration, telling BBC Radio 5 live: "The bank don't have to stick with their deadline, they can give a little leeway.
"But I'm sure they're reluctant as they want to be repaid. They've already given a lot of extra time here."
Liverpool board members will be concerned that the potential sale to NESV has gone down to the last day as Hicks and Gillett have continuously sought to prevent the purchase of the club they bought in 2007 for £174m.
It looked as though that prospect might be avoided after the latest High Court ruling on Thursday when Mr Justice Floyd issued an anti-suit injunction that rendered Hicks and Gillett's temporary restraining order, which they put in place to try and prevent a sale taking place, ineffective.
But the anxiety of Broughton, managing director Christian Purslow and commercial director Ian Ayre will last well into Friday as a hearing which began in Texas on Thursday, following the latest High Court ruling, was adjourned until 1300 BST (0700 local time).
A statement issued on behalf of the Liverpool board read: "The independent directors of Liverpool Football Club are delighted with the verdict of Mr Justice Floyd in the High Court [on Thursday] which now requires Mr Hicks and Mr Gillett to withdraw their Texas restraining order by 1600 BST on Friday.
"We are glad to have taken another important step towards completing the sale process."
| We're nearly there. We've still got to take away the restraining order Reds chairman Martin Broughton |
Time is running out for Hicks and Gillett, with Mr Justice Floyd giving the much-criticised owners until 1600 BST on Friday to withdraw their legal action in America, or face charges of contempt of court.
NESV, owners of the Boston Red Sox baseball team, also plan to make their own submission to the Dallas court to overturn the injunction obtained by Hicks and Gillett.
The American co-owners claim that Broughton, Purslow and Ayre have attempted to sell the club for "a price they know to be hundreds of millions of dollars below true market value".
The details of their injunction also disclose that the pair are seeking more than $1.6bn (£1bn) in damages.
Gillett's 50% stake is already owned by Mill Financial after he defaulted on a £75m loan from RBS in August.
Mr Justice Floyd described Hicks and Gillett's conduct in the matter as "unconscionable" while Richard Snowden QC, representing RBS, said the duo's behaviour was "outrageous", adding that the proceedings in Texas were "plainly inappropriate".
During Thursday's hearing in London, David Chivers QC, representing NESV, said his clients already considered themselves to be Liverpool's new owners.
And Henry was later seen entering the London offices of Liverpool's solicitors Slaughter and May for a meeting with the board.
Singaporean businessman Peter Lim, who was thought to be waiting in the wings with an offer for the club, withdrew his £320m bid on Thursday.
"The [Liverpool] board is intent on selling the club to NESV to the exclusion of all other parties, regardless of the merits of their bids," he said.
Liverpool, who face Everton at Goodison Park on Sunday, are in the bottom three in the Premier League table after picking up only six points from their opening seven games.
Should the club be put into administration, it would leave them rooted to the bottom of the table on minus three points.
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