The most turbulent season in Liverpool’s recent history is approaching a distinctly low-key conclusion, on the pitch at least, but the battle in the boardroom will continue to rage over the summer, with George Gillett Jr determined to defy Tom Hicks, his estranged co-chairman, and force through the sale of his 50 per cent stake in the club to Dubai International Capital (DIC), the Arab investment group.

DIC remains supremely confident that it will take possession of Gillett’s shares in the club in the coming weeks, but Hicks maintains that he will continue to exercise the power of veto he has — a claim that is disputed by Gillett and DIC — to prevent any such sale.

Hicks’s proposed veto is on the basis that he is still trying to find the funds or the backing that he would need to buy Liverpool outright. Hicks is under pressure to prove that he has the funds to take the club forward on his own, but sources in Texas have indicated that he is drawing up a business plan that would raise the £300 million needed for the construction of the club’s proposed new 71,000-capacity stadium in Stanley Park, which is due to open in 2011.

The end of Liverpool’s Champions League campaign, after their defeat by Chelsea in the second leg of their semi-final on Wednesday, was expected to accelerate the process, with DIC having kept its distance over the past four weeks, but now it must weigh up its next move, whether to wait or whether to exert more pressure on the owners to reach a solution. For now Rafael Benítez, the Liverpool manager, appears to be working on the assumption that Hicks will be calling the shots at Anfield for the foreseeable future.

Benítez suggested after his team’s defeat at Stamford Bridge that “just one signing could make a massive difference” to Liverpool, but once again a significant turnover of players is expected. He already has agreed a deal to sign Philipp Degen, the Switzerland right back, on a free transfer from Borussia Dortmund and has made moves to sign Fernando Amorebieta, the 23-year-old central defender, from Athletic Bilbao. Those would be relatively minor deals, but Benítez will pursue more ambitious targets, including Gareth Barry, the Aston Villa and England midfield player, and at least one winger and striker as well as the usual smattering of talented teenagers.

On the way out of the club are Harry Kewell, whose contract expires on June 30, and, if the right offer comes in, Scott Carson, John Arne Riise, Jermaine Pennant and Peter Crouch. Even Xabi Alonso, a player who has been one of the cornerstones of the Benítez regime, is likely to be sold if any of his previous suitors, such as Real Madrid, Atlético Madrid or Barcelona, meet his £15 million valuation, particularly if Barry arrives as his replacement in midfield.

Steven Gerrard, the captain, believes that reinforcements are needed if Liverpool are to challenge for the Barclays Premier League title next term, but, having been unhappy with the team’s progress earlier in the season, he been reassured by their performances in recent months.

“There is no point looking back or thinking what might have been,” the England player said. “We have to look forward because we have to go into next season looking to improve again. Hopefully, we will go into next season with a stronger squad because that could make a big difference. If we can bottle this disappointment, it could be a big motivation for us.”