Mr Gillett put the NHL club up for sale earlier this year
Liverpool co-owner George Gillett is to sell one of his major assets in a deal which could ease financial pressures at the Premier League club.
He is selling his stake in the NHL's Montreal Canadiens in a deal reported to be worth at least $550m (£332.9m).
Mr Gillett, and fellow Liverpool owner Tom Hicks, have until 24 July to repay £350m they owe to RBS and Wachovia.
Latest accounts show Kop Holdings, the parent company of the Anfield club, lost £42.6m in the year to August 2008.
Interest payments on loans accounted for £36.5m of Kop's losses.
Mr Gillett put the Canadiens up for sale earlier this year, and the deal includes his 80% stake in the team, the Bell Centre arena, and the Gillett Entertainment Group.
They are being bought by brewing giants, the Molson family, who already own the remaining 20% share.
Mr Hicks has also been looking to sell off elements of his own sporting empire - which include Major League Baseball's Texas Rangers and the NHL's Dallas Stars.
The pair bought Liverpool in February 2007 and since then have squabbled with each other, alienated some fans, failed to progress with a promised new stadium, and seen potential sales of the club fall away.
There have been many questions surrounding the future of the £350m loans, after the repayment deadline was extended for six months this January.
Liverpool were put on the market last year with a reported asking price of about £500m, but no sale was finalised.