Liverpool co-owners Tom Hicks and George Gillett have confirmed that the Anfield club is officially up for sale.
The American duo have confirmed their intention to end their turbulent three-year reign on the same day that the club appointed a new chairman.
Hicks and Gillett's bought the Reds in February 2007 but several parties have been linked with takeovers in recent months.
Martin Broughton, the chairman of Barclays Capital and British Airways, has now been installed as the club's new chairman and his first major task will be to find new owners.
"Owning Liverpool Football Club over these past three years has been a rewarding and exciting experience for us and our families," said Hicks and Gillett in a joint statement.
"Having grown the club this far we have now decided together to look to sell the club to owners committed to take the club through its next level of growth and development.
"We are delighted that Martin Broughton has agreed to take the position of chairman, working alongside the club's excellent senior management team.
"Martin is a distinguished business leader of excellent judgment and with a great reputation. He is a genuine football supporter and will seek to oversee the sales process in the best interests of the club and its supporters."
Broughton himself added:"I will run this sale process in the right way, for the benefit of the club and its fans.
"Liverpool is one of the world's greatest clubs and my aim is to try and ensure that we find new owners who are able to build on the club's recent improved financial performance in order to help deliver sporting success."