The very identity of a club that holds the record of 18 English league title wins but no longer possesses the financial muscle to compete with England's best teams, let alone Europe's, is at stake.

Chairman David Moores, whose family have controlled the club for more than half a century, must decide whether to sell up to one of several investors circling the club.

Liverpool must also resolve urgently their plans to move to a new bigger stadium, either via a controversial groundshare with city rivals Everton or alone.

Both decisions have prompted much soul-searching and at Thursday's stormy annual general meeting the anguish was laid bare.

Moores, who has resisted several offers to buy his 51 per cent stake, sounded like a beaten man when he declared that the last 12 months had been "unbearable".

Businessman Steve Morgan, who has stalked the club for months, has offered a 70-million-pound ($135.7 million) cash injection.

Two bids have emanated from Thailand while a US-based consortium and another as yet unidentified foreign party have also declared an interest.

Morgan, whose wife Didy begged the Liverpool board to accept her husband's offer in a dramatic twist at Thursday's AGM, appears to be in pole position, although he seems to have few friends on the Liverpool board.

Moores, though, appears close to capitulating. "I can't compete with Mr Morgan's millions," he said.

Liverpool cannot compete either with the likes of Manchester United, the world's richest soccer club, Roman Abramovich-funded Chelsea and Arsenal, whose new 60,000-capacity stadium is already half-built.

On Thursday Liverpool announced record losses of 21.9 million pounds for the last financial year.

For supporters of a club that in the 1970s and '80s dominated English soccer and won four European Cups, the prospect of a future as also-rans is unacceptable.

It is over 14 years since Liverpool won the last of their league titles.

They lie seventh in the Premier League, 13 points behind leaders Chelsea with over one third of the season gone and with their Champions League bid also in jeopardy.

In Spaniard Rafael Benitez they have a first-class coach with a proven record of winning trophies.

Last Sunday's 2-1 win over champions Arsenal proved Liverpool can match the top teams on their day, but their failure to mount a title bid in recent seasons shows their squad does not have sufficient quality to sustain a challenge.

The only solution is more investment. The question is which investor -- local businessman Morgan or a foreign party -- to sell to.

Didy Morgan said on Thursday: "It seems as if a deal would be done with the devil himself rather than with my husband."

Ultimately, though, Moores and his board may reluctantly deem it better to deal with the devil they know.