Liverpool chief Rick Parry has revealed the club felt "bullied" into accepting a takeover proposal from the Dubai International Capital group.
DIC withdrew their bid on Wednesday after Liverpool asked for more time to consider a counter offer from American tycoon George Gillett.
"The DIC response to this was to give the club 12 hours to make a decision," Parry told the Liverpool Echo.
"But chairman David Moores was not prepared to have Liverpool bullied."
DIC opened talks with Liverpool late last year and were favourites to buy out the club in a deal worth around £450m.
However, Liverpool were intrigued by a rival bid from Gillett, whose offer is understood to give shareholders more for their holdings.
Moores himself was set to get £8m more in the Gillett deal, but Parry insists money was not behind the club's willingness to listen to the new offer.
"The price is not a factor in David's mind," said Parry. "He is not after cash for himself, absolutely not, but he felt compelled to consider the rival bid.
"We didn't want to rush into any decision, and we were aware DIC might walk away."
Gillett, who owns the National Hockey League side Montreal Canadiens, has impressed Liverpool with his proposals and the speed at which he completed due diligence - the process of investigation by potential investors - in three days.
I have confidence in the board and trust them to make the right decision
Liverpool manager Rafael Benitez
The American has also stressed his experience in running successful sporting operations and is expected to make a new bid within the next few days.
Parry added: "Be assured the only thing David Moores is concerned about is the club being in the right hands for the future.
"You can be certain he has done his homework carefully and will make a decision in the best interests of the club."
Liverpool manager Rafael Benitez had met with DIC's representatives and approved of their plans.
But the Spaniard insists he is happy to leave the board to decide who is the best candidate to take the club forward.
"I have not talked with the new people but I know they have spoken to the chairman and Rick," said Benitez.
"When they talked with him (Gillett) first, they told me he knew about sport.
"If the board decide to change and hear different people, I have confidence in them. I trust them to make the right decision."
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