The £350m debt owed by Gillett (left) and Hicks is due to be repaid in July
Supporters groups Spirit of Shankly and ShareLiverpoolFC have unveiled a new, joint proposal to buy Liverpool.
The supporters' organisations are unhappy with the financial structure of the club following the takeover by Americans George Gillett and Tom Hicks.
The key change to the original "member-share" proposal is a reduction of the share price from £5,000 to £500.
Gillett and Hicks have been allowed to delay repaying the club's £350m debt in full, it emerged on Friday.
The Americans had been negotiating an extension on the club's debt with the Royal Bank of Scotland for several months and sources said a statement would be issued next week.
The alternative was for one of the world's biggest clubs coming, effectively, under the control of the Government who own a majority share in RBS.
Last month RBS took the unprecedented step of writing to Liverpool's supporters to justify continuing financial support of the club's American co-owners. The bank had been flooded with e-mails from fans calling for the plug to be pulled on Hicks and Gillett's debt.
Before Friday's development, the SLFC had issued a statement on Thursday evening.
It said it had a "realistic plan" to achieve "broadly-based fan ownership of the club" and would work to "relieve the level of debt, by offering Liverpool fans an affordable entry fee and a chance to get a modest return for their additional financial support."
This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.