Co-owners Tom Hicks and George Gillett have removed the restraining order preventing the sale of Liverpool to New England Sports Ventures.
The court injunction which the American pair obtained in Texas was ruled to have no validity in the United Kingdom by the High Court on Thursday.
It has now been dropped which would appear to clear the way for NESV, who own the Boston Red Sox, to complete their £300million purchase of the troubled club.
However, Hicks has reportedly dropped the court action in a last-ditch attempt to sell his share of the club to Mill Financial.
The American hedge fund already own Gillett's share in the club after he defaulted on loan repayments.
Should Mill Financial take full control then they would offer a viable alternative to the NESV takeover.
They too would be able to pay off the debts of £237million owed to Royal Bank of Scotland before Friday's deadline.
Meanwhile, NESV owner John W Henry has given an upbeat assessment on his company's attempt to force through a deal.
"We have a binding contract. Will fight Mill Hicks Gillett attempt to keep club today. Their last desperate attempt to entrench their regime," he said via Twitter.
Speaking on Thursday evening, Liverpool chairman Martin Broughton was confident of reaching a swift resolution with NESV.
"We're nearly there. We've still got to take away the restraining order," he said.
"Mr Henry is very committed. My guess is we'll have it done and he'll be there (for the Merseyside derby against Everton on Sunday) – but we've got to get rid of this order first."