Liverpool supporter groups unhappy with the financial structure of the club put forward revised plans on Friday to buy out American owners George Gillett and Tom Hicks.
The Share Liverpool FC (SLFC) and Spirit of Shankly (SOS) groups said they were looking to raise £150 million ($248 million) from fans by pricing shares cheaper than in their first proposal so they could buy a 60 per cent share of the club.
"This is a realistic plan that squares the circle," a statement on the SLFC website (www.shareliverpoolfc.co.uk) said.
"How to get broadly based fan ownership of the club, and 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."
The revised bid prices single shares at £500 pounds ($826.6) instead of £5,000 when the proposal was originally launched in January 2008.
Gerrard gets clean chit from court
Liverpool: England midfielder Steven Gerrard has been found not guilty of affray after being accused of attacking a man in a bar in a dispute over playing music.
The jury at Liverpool Crown Court delivered its verdict on Friday, accepting Gerrard's explanation that he acted in self defense in punching businessman Marcus McGee at the Lounge Inn bar on December. 29. The Liverpool captain admitted he threw punches at McGee, but told the court he mistakenly believed he was about to be struck.