Liverpool Football Club (LFC) managing director Christian Purslow has moved to reassure its supporters by dismissing fears the club could go into administration.

Purslow revealed that the Premier League club's board would block any bid by current owner Tom Hicks to refinance LFC's existing multi-million pound debt in order to retain control. In a question and answer session with supporters, it was also confirmed that efforts to secure the sale of the club were continuing, with a "small number" of potential bidders currently at the due diligence stage.

Purslow said: "Any incurrence of indebtedness by Liverpool Football Club needs full board approval. The non-owner directors have made it clear that's not what we want to see happen. "Liverpool Football Club is not going bust. We have an extremely healthy business with record revenues and we are highly profitable. The issue today is that too much of that profit is being used to service loans put into place when the club was bought."

The news follows reports that Tom Hicks had been thwarted in his bid to refinance LFC's debt after private equity group Blackstone pulled out of talks over a possible deal. According to the Financial Times, the debt-financing division of Blackstone - GSO Capital Partners - was among a number of options pursued by Hicks in his bid to restructure nearly £280m of debt.

Meanwhile, Glasgow Rangers Football Club has reported a 41.8 per cent increase in turnover for the year ending 30 June 2010, compared with the previous year, as the club secured on-field success in the Scottish Premier League and League Cup. The club has returned to profit after making a loss in 2009, while operating expenses declined by more than 9 per cent to £43.9m. Rangers also expects Champions League qualification to further strengthen its performance in the current year.

Chair Alistair Johnston said: "The benefit of participating in the UEFA Champions League in Season 2009-10 is clear with our turnover increasing by £16.6m to £56.3m."