The atmosphere in the Anfield boardroom has been described by Liverpool insiders as “poisonous” and, as the club's name was dragged deeper into the mud yesterday, Dubai International Capital (DIC) officials were quietly suggesting that the only way that peace can be restored is if they can get their hands on Tom Hicks's 50 per cent stake.

Hicks, the owner of the Texas Rangers baseball franchise, has not spoken to DIC since he angrily terminated discussions with them on March 10, having previously indicated a willingness to sell part of his shareholding to them. For the past four weeks he has been conducting what City sources describe as “the Hicks roadshow”, visiting banks in New York and London in the hope of raising the funds he would need in order to buy out George Gillett Jr, but, despite enlisting the services of JP Morgan and latterly Merrill Lynch, he appears no closer to doing so.

DIC - whose adviser, Amanda Staveley, is involved in continuous discussions with Gillett - believes that it is only a matter of time before Hicks is forced to sell because of the difficulties forced on him by the global credit crunch. But, with Hicks intent on holding on and telling those close to him that “I do not have any refinancing problems”, DIC is being forced to play a waiting game.

That was the tone of an interview that Sameer al-Ansari, the DIC chief executive, gave to an Arabian business magazine, the contents of which were published yesterday. Al-Ansari stated that “we decided we pull out completely”, but those involved in the process suggested that this was not meant in a literal sense and that he merely meant that the group, with Gillett already seemingly onside, had retreated from the negotiating table in the expectation that Hicks would soon be calling them back.

“We have two partners [Hicks and Gillett] who do not see eye to eye,” Al-Ansari said, “and we decided that we pull out completely - let them sort out their problems. We will continue to be interested and would love to own the club, but we are not going to put ourselves in a difficult situation where we make the investment, but we have no control over the destiny of the club and we cannot influence the success of the club. Unfortunately, the terms that have been put on the table [by Hicks] do not allow us to do that.”

The stalemate threatens to go on indefinitely and, with Hicks having seemingly failed in a bid to unseat Rick Parry, the Liverpool chief executive, it is increasingly difficult to see who will make the next move.

Parry and David Moores, the former chairman, could, in theory, demand the removal from the board of Hicks's son, Tom Jr, but, as one source put it: “What's the point? That would just be a game of musical chairs.” Another source described the situation as “farcical” and the atmosphere in the Anfield boardroom as “poisonous”.

When Tom Hicks Jr attended Liverpool's thrilling Champions League quarter-final, second leg victory over Arsenal on Tuesday, he is said to have been blanked by - or, indeed, to have blanked - Gillett and his son, Foster, who were making a rare visit to Merseyside, and by Parry and others from the previous regime.

With Parry and his long-serving colleagues on the board more naturally disposed to Gillett, the Hicks family's only obvious allies within the club are Ian Ayre, the commercial director, who was hired shortly after their takeover last year, and, curiously, Rafael Benítez, who concluded some weeks ago that he would be unlikely to be kept on as manager if he continued to rail against the Texan.

That may be best described as a marriage of inconvenience - and perhaps, ultimately, a sham. Like all of the various alliances drawn up at Anfield in recent months, it is likely to end in tears.

Timeline

February 6, 2007 Liverpool agree to terms offered by George Gillett Jr and Tom Hicks to purchase the club's entire issued share capital.

January 19, 2008 DIC prepare £500million bid. January 27 Hicks reveals he held talks with DIC.

March 10 Reports claim talks between DIC and the Americans are at “an advanced stage”. Hicks says he has ended discussions over the possible purchase of a minority stake. March 30 Parry calls for a swift resolution.

April 10 Hicks writes to Parry demanding his resignation. DIC deny reports that their takeover plans are on hold.