Liverpool, whose American owners Tom Hicks and George Gillett stand two months away from the expiry date of loans which could force them to sell up, are the most financially vulnerable club in the land, the Premier League's most experienced football financier declared yesterday.

Keith Harris, of Seymour Harris, who brought Roman Abramovich to Chelsea and is currently seeking buyers for Everton and Newcastle United, said he had doubts about whether Royal Bank of Scotland (RBS) and Wachovia, buffeted by the worldwide financial crisis, were either willing or able to refinance the loans which are currently propping up Liverpool.

Speaking at the International Football Arena conference in Zurich, Harris said of Britain's debt-laden clubs: "The one that worries me is Liverpool. The principal lenders [RBS and Wachovia] are two of those that have suffered. Whether they want to lend it again or not, they may not be able to." Without fresh investment, said Harris, the club's joint owners could be forced to sell players. If neither refinancing, nor new financial stakeholders can be found, the banks must consider whether to repossess the club. "It's a brave banker that would repossess Liverpool Football Club," he said.

By the indicator which bankers judge the financial health of the club - the ratio of operating profit against interest payments due on their debt - Harris is right. Newcastle, one of the clubs routinely cited as financially troubled, have had their debt removed by Mike Ashley, and West Ham, despite Sheffield United's impending legal suit over the Carlos Tevez affair and the damage caused to its owners by the problems of the Icelandic financial system, make almost enough profit to cover their interest twice.

Bankers begin to get uncomfortable when profit is less than twice the interest payments and Liverpool's profit barely covers the huge interest payments with which Hicks and Gillett have saddled the club. "If their's was a normal business they would be financially in the intensive care ward," one financier said yesterday.

Harris' comments comes amid new hints that Hicks and Gillett are looking to sell Liverpool - despite their fantastic start to the season - before the 25 January deadline by which RBS will decide whether to allow them a six-month extension on the refinancing arrangement they struck last January. Gillett steadfastly refused to discuss the sale issue in London two weeks ago during an interview in which he suggested that he was planning new sporting investment in India.

It is believed that a prospective Middle East investor - unrelated to Sheikh Mohammed bin Rashid al Maktoum, the ruler of Dubai - walked away from discussions to buy the club three weeks ago, during which they tabled an offer believed to be no better than the £500m Dubai International Capital (DIC) have bid in the past. Sources suggest that the prospective buyer was told that the club's projected profit for this financial year was £45m. Most informed estimates would put the likely figure at nearer to £30m at best. It is understood that the DIC offer still stands, months after the Americans walked away from it.

In the current climate, with Hicks and Gillett too cash-strapped to progress the Stanley Park stadium which is integral to their development plans for Liverpool, it is difficult to see how the pair can afford to offer Rafael Benitez the improved five-year contract which he is seeking. Hicks has told the Liverpool manager that talks can get under way, though one interpretation of his willingness to go public on that fact is that the Americans are looking to establish a sense of stability which would help any sale.

RBS are currently being lobbied by the Spirit of Shankly supporters group not to allow the six-month extension. It is unclear whether their move into public ownership as a result of the credit crunch will affect their willingness to allow an extension. No government would welcome the attention which a refusal to extend would bring.

Harris was equally gloomy about Everton, who, he said, were proving difficult to sell. "There is no progress at all," Harris said "The demographics of Liverpool as an area are not hugely compelling. It is not a very wealthy city and Everton share the city with another club which arguably has been in the vanguard for the last decade.

"They both have a stadium to build, so the economics need a lot of looking at whereas Newcastle is a one-club city with a fabulous stadium."

Never, said Harris, had it been more difficult to find the right buyers. "It's not a question of price negotiation - it's should we? People are wondering if now is the time to spend." Speaking after a private address to football financiers in Zurich, he re-iterated that there were still two genuine offers in the pipeline for Newcastle but refused to name them.