Liverpool manager Gerard Houllier's job could be under threat if millionaire fan Steve Morgan succeeds in a £73m attempt to buy into the club.
Morgan said he was making a bid to prevent Thai prime minister Thaksin Shinawatra from buying 30% of the club.
But the building magnate also said of Houllier's record on signings: "Anyone can make mistakes, but we just seem to have made a hell of a lot of them."
He aims to raise £61m with a rights issue and £12m through a share issue.
At a news conference on Wednesday, Morgan said it was "not the time or place" to discuss Houllier, but added that Liverpool had endured a "frustrating and disappointing" season.
Morgan, however, made his displeasure with Houllier's recent record clear.
"The manager has managed the club for the last six years and had some very good successes, but every supporter will be disappointed with this season.
"We are closer to the bottom than the top in terms of points and that has got to change."
He added: "The manager's track record for signings over the last few seasons has not been good, but equally he has made some good signings.
"I'm not going to name names, but we all know who these players are. There are certainly some I would like to see the back of."
Morgan, who also plans to put money into Liverpool's new stadium, refused to rule out a future attempt to become chairman.
But he maintained his ambition in that area was not a stipulation of the current bid.
Born: Garston, Merseyside
Occupation: Building magnate
Estimated fortune: £312m
Anfield offer: £73m cash injection
Morgan's show of force already seems to have put off Thaksin, who is in negotiations in Bangkok with Reds chief executive Rick Parry.
The Thai PM now says he has only a "50-50" chance of buying in, adding that he will not be drawn into a bidding war and that he has other options.
Thaksin, speaking in Bangkok on Wednesday. said: "Somebody may want to bid higher and expect us to raise the ante. We will not do that.
"If we can get it, good. If not, never mind. We have to consider what is a suitable price and we will not offer a higher bid.
"It depends on whether (Liverpool) want to be our partner or not. We still
have a 50-50 chance."
At the same time, in Liverpool, Morgan said: "My offer is a counter-bid against the talks taking place with the prime minister of Thailand.
"I've only one goal in all of this and that is to help Liverpool once again become the number one team in both England and Europe.
Born: Chiang Mai, Thailand
Occupation: Prime Minister
Estimated fortune: £560m
Anfield offer: £65m for 30% stake
"I believe the future of Liverpool Football Club is best served by the people who love the club the most - its supporters, of whom I am proud to be one."
Thaksin's bid has also been dogged by whether the £60m he has put on the table is coming from his own pocket or Thailand's public funds.
"Let's wait until Thailand buys the team before going into details whether we spend Thais' money or the private sector's," Thaksin said.
The confusion was not helped when Thai government spokesman Jakrapob Penkair said "most of the money will come from public funds".