George Gillett Jr, the Liverpool co-owner, says he has been embarrassed by the way he and Tom Hicks have coped with the club's financial difficulties.

The American businessman has been at the centre of the turmoil that has engulfed the Anfield club since he and Hicks took control. Plans to build a new stadium in Stanley Park have been shelved while the pair attempt to ride out the global economic crisis although as reported in The Times last month, they have signalled that they are ready to sell their stake at Anfield after engaging Merrill Lynch, the investment bank, to find a buyer for the club.

"You feel a responsibility and an embarrassment on occasions when you haven't provided all you might have," Gillett said. "There's a level of embarrassment and you want to correct it quickly."

Gillett was not prepared to put forward his own thoughts on why he and Hicks remain so unpopular with the Liverpool fans, preferring to allow "the club to do the talking".

"I think you would have to ask the fans," he said. "I think there are some things that have happened that upset them.

"But I think they're at a point where they are allowing the boys to demonstrate their skill and allowing Rafa – one of the great coaches in the history of the sport – to do his thing so we just want to leave it that way.

The Americans need to restructure their £350million loan with the Royal Bank of Scotland (RBS), which expires on January 25. However, the bank, at present under public ownership because of the credit crunch, has adopted a policy of restructuring loans only in extremely favourable conditions.

Gillett has refused to say how long he would remain at Anfield but admitted the financial crisis had affected his sporting interests.

"All the sports teams I know of are re-examining all of their futures," he said. "We now have [clubs] that will be successful in the long run, that can compete for the championship every year and don't depend on buying high-priced players every year.

Sheikh Mohammed, the Crown Prince of Dubai, has maintained a longstanding interest in acquiring Liverpool but has balked at the price tag set by the American pair, which is upwards of £550m.