Rafael BenÍtez’s relationship with Liverpool’s owners reached crisis point last night when it emerged that not only had Tom Hicks and George Gillett Jr vetoed the manager’s bid to buy Gareth Barry but that the American duo had turned down an offer of a £12 million interest-free loan to help to buy the Aston Villa midfield player.

The loan - which The Times understands was proposed by a millionaire Liverpool fan concerned about the ramifications for the club if the deal fell through - was offered this week and rejected by the owners. The £12 million would have financed the initial instalments demanded by Villa.

Hicks and Gillett agreed to provide the £18 million to buy Barry a week ago after Martin O’Neill, the Villa manager, conceded defeat in his battle to keep his captain. However, the owners have made a U-turn and told BenÍtez on Thursday that Barry is too expensive and, at 27, lacks resale value. The club last month paid Tottenham Hotspur £20.3 million for Robbie Keane, who is 28.

The owners had failed to express their reservations about Barry during the protracted transfer saga and their misgivings this week drew suspicions that they could not find the cash to pay for him.

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Hicks and Gillett have strenuously denied rumours that they are in financial trouble. Sources close to the owners suggested last night that they had refused the loan because they had enough money to seal the deal themselves.

Either way, the news that money was available will infuriate BenÍtez, because it appears that Hicks and Gillett are questioning his judgment. The Americans have also raised questions about the number of central midfield players in the squad and suggested that BenÍtez has enough talent to work with in that area.

Spokesmen for both Gillett and Hicks refused to comment last night.