Gillett (left) and Hicks have come under pressure to sell from Liverpool fans
Liverpool have confirmed that two new bids that would wipe out the club's debts have been made, but a huge split has divided the Anfield boardroom.
A source close to the negotiations said: "Both bids would significantly reduce the debt and give the current owners their original investment back."
But American co-owners Tom Hicks and George Gillett have opposed the offers.
A club statement added that the pair tried to remove two members of the board prior to Tuesday's meeting.
Hicks and Gillett wanted managing director Christian Purslow and commercial director Ian Ayre replaced by Mack Hicks - son of Tom - and Lori Kay McCutheon, who is vice president at Hicks Holdings.
A Liverpool statement read: "This matter is now subject to legal review and a further announcement will be made in due course.
"Meanwhile [chairman] Martin Broughton, Christian Purslow and Ian Ayre continue to explore every possible route to achieving a sale of the club at the earliest opportunity."
The two bids, which the club statement described as "excellent financial offers", are thought to be from Asia and America.
BBC Sport understands the US bid is from Boston Red Sox owner John Henry's New England Sports Ventures.
The three independent members of the board - Purslow, Broughton and Ayre - favour a sale to one of the two new bidders and are weighing up whether to accept.
But it is thought Hicks and Gillett are against accepting as neither bid would see the duo walk away with a profit.
Liverpool were put up for sale by Hicks and Gillett in April with debts of £351.4m.
They initially sought an asking price of around £800m, a figure they subsequently dropped to £600m.
In August there were abortive bids from Hong Kong businessman Kenny Huang while a consortium fronted by Syrian businessman Yahya Kirdi had also expressed an interest.
Earlier on Tuesday, Kirdi was quoted as saying the group he represents were dropping out of contention, adding: "Once everyone is united and there's logic in the price and the overall deal, me and my group will be prepared to return to the table."
The owners paid £174.1m to buy the club in 2007, while also agreeing to take on the club's debt of £44.8m.
It was said to be a new dawn for the Anfield outfit, with outgoing chairman David Moores describing it as "a great step forward for its shareholders and its fans".
But little has gone right for either the club or its owners since then.
But little has gone right for either the club or its owners since then.
The club slipped into the Premier League relegation zone after losing at home to Blackpool at the weekend and were earlier knocked out of the League Cup by League Two side Northampton.
Many of the club's fans have become increasingly outraged at the pair's mismanagement of the club, which is said to be currently £237.4m in debt, and their failure to carry through promises to build a new stadium.
The Royal Bank of Scotland (RBS) has set a deadline of 15 October for that debt to be repaid or a penalty fee of £60m will be due.
If not the bank has the option of extending the deadline once again, or deciding enough is enough and either selling the club to the highest bidder or putting it in administration.
Many fans of the Merseyside club are keen to see RBS call in the debt, even if it means them going into administration and receiving a nine-point penalty from the Premier League as a result.
Whether these bids signal the beginning of the end of a saga that has blighted the club in recent years remains to be seen.
Dan Roan @'BBC'
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