The club's owners are having to sell assets in the US and Canada
Liverpool Football Club - which owes two banks £350m - has renegotiated its debt with the Royal Bank of Scotland.
Club owners Tom Hicks and George Gillett are believed to have extended the £290m RBS debt for another year, but agreed to pay back £60m.
Negotiations between RBS, Wachovia and the owners have been prolonged, with fears the banks may call in the loans.
Latest accounts show Kop Holdings, the parent company of the Anfield club, lost £42.6m in the year to August 2008.
Annual figures showed that interest payments accounted for £36.5m of those losses.
The club has continued to spend on new players as it looks to try and win the top prizes in the game, with Portsmouth defender Glen Johnson joining in a £17.5m move.
But the owners have failed to find the money to build the club's new stadium, with preliminary work on the Stanley Park venture halting during last season.
In June, Mr Gillett agreed to sell one of his major assets - his 80% stake in the NHL's Montreal Canadiens ice hockey team - in a deal which would ease financial pressures at the Premier League club.
Meanwhile Mr Hicks has been reportedly looking to sell off elements of his own sporting empire - which includes Major League Baseball's Texas Rangers and the NHL's Dallas Stars.
Liverpool was put on the market last year with a reported asking price of about £500m, but no sale was finalised.