Tom Hicks and George Gillett, the Liverpool owners, are unlikely to sell the club unless they receive an offer "which makes no financial sense", according to a business expert.

Rumours are rife that Dubai International Capital - the investment arm of the Dubai government - are poised to make a bid to buy out the American duo, whose popularity at Anfield appears to have hit an all-time low less than a year after their takeover.

However, Professor Tom Cannon, Dean of Buckingham University Business School, believes the suggested figures - ranging from £300 million to £500 million - do not represent good value for money for the purchaser, while anything lower would not even be considered by the owners.

"The numbers don't work for the kind of figures which are being quoted which would give Hicks and Gillett the kind of profit they need to get to pay their debts and save face," Cannon said. "With figures of between £300 million and £500 million to get hold of Gillett and Hicks' shareholding, at least £50 million on players and - even if you go back to the original plans - for the stadium you need £250 million. You are talking about up to £800 million.

"That would make Liverpool more expensive than Manchester United or Arsenal and twice as expensive as Chelsea.

"Liverpool have never in their history made big profits - Manchester United have made big profits - but what is there apart from trophy cabinets? And trophy cabinets don't pay interest charges.

"Short of Hicks and Gillett having serious financial difficulties or DIC or someone else making an offer which makes no financial sense I don't think anything changes."

DIC were involved in negotiations with Liverpool over a year ago but pulled out when the price rose and Hicks and Gillett became involved. Reports have suggested they are keen to try again to buy the club but only at a price which suits them.

"DIC will never pay over the odds and certainly, on the basis of what we know, they would be expected to pay 100 to 150 million pounds more than they refused to pay a year ago," Cannon said. "It was them that walked away and since then the price has gone up dramatically. Liverpool's situation has not improved - in fact it seems things are worse than last season.

"Whereas last season they were a relatively comfortable third [in the Barclays Premier League], now they are currently sixth and the stadium plans have soared from £200 million to £300 million."

Hicks yesterday issued a statement dismissing links with DIC and stressing he had no intention of doing business with anyone. He and Gillett are currently in the process of refinancing a £350 million loan with Royal Bank of Scotland which they used to buy the club a year ago. But even though that is taking some time because of the current pressure on the international credit markets, it is unlikely to force the pair to offload their asset.

Fans upset at the way the club is being run by the Americans are planning a protest at tonight's Premier League match against Aston Villa at Anfield. However, Cannon feels it is unlikely to have any impact on the owners. "They are not going to be scared away," he said. "The Texan does not exist who will be allowed to be frightened away.

"It is very hard for fans to drive an owner to go if he does not feel he has got the right price. Possession is nine-tenths of the law. They own the club. They hold all the cards."