A group of former Anfield directors have responded to claims by Wolverhampton Wanderers chairman Steve Morgan that Liverpool would have been debt free if his takeover bid had been successful.
Last month, Merseyside-born Morgan claimed that he would have invested £70 million into the Reds and reduced the club's debts "down to nil".
The Redrow founder alleged that "indecision" by the board had forced him to pursue another avenue of investment with Premier League newcomers Wolves.
However, in a letter to The Times newspaper, honorary life presidents Terry Smith, Keith Clayton, Jules Burns and John Creswell have claimed that Morgan's offer of £2,724 per share was "inadequate”.
It read: “Morgan’s offer [which was revised downwards from a previous offer] was rejected because it substantially undervalued the club.
“It was always open to Morgan to make a competitive bid. He did not do so.”
Liverpool currently find themselves with debts of £237 million following loans taken out against the club by owners George Gillett and Tom Hicks since their takeover three years ago.
Christian Purslow, the club's managing director, revealed last month that he was confident of securing a £100 million investment by April.
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Brian, Wales around 1 year, 11 months ago