According to UK papers, American co-owners George Gillett junior and Tom Hicks are reportedly struggling to refinance the £220 million they borrowed from the Royal Bank of Scotland.
The club will not be allowed to go bust by the bank, but it could hasten the departure of Hicks and Gillett, with Dubai International Capital, the state-backed investment firm expected to buy out their shares.
Despite news last week that talks with RBS and American bank Wachovia over a new £350m loan had crashed, Kekst, the American owners' New York-based PR firm, continued with the belief that a deal would be done before Christmas.
Hicks and Gillett have until February to repay the £220 million, plus the interest accrued on £60 million worth of summer signings, including sizeable fees for Torres and Babel.
If a deal is not done before the deadline and an extension to the loan is not agreed with the RBS, then the bank will become de facto owners of the club.
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