Liverpool have yet to make a decision on the design for a new stadium as the club's owners attempt to refinance the loans they used to buy the Reds for £220million.

A meeting between chief executive Rick Parry and owners Tom Hicks and George Gillett took place in New York yesterday at which two rival firms of architects presented designs for the Stanley Park project.

Parry says a decision on the design will follow "soon" — one had been expected today.

Meanwhile, Hicks and Gillett are embroiled with trying to sort out their refinancing problems before a February 1st deadline.

The American business tycoons borrowed £270million to buy Liverpool last February, the main lenders being the Royal Bank of Scotland, and are looking for a new loan package worth around £350million — of which £60million will go towards a new stadium — but their plans have been hit by the 'credit crunch' in the USA.

Hicks, Gillett and Parry listened to presentations by architects HKS and AFL yesterday.

Dallas-based HKS had produced the original stadium plans but they were scrapped last month on cost grounds and they and Manchester firm AFL have both come up with new, cheaper designs.

Parry said: "It was a very full day. We had two very detailed and very informative presentations which were very thorough and extremely professional.

"It has been another big step forward to finding the best possible solution and the whole meeting was very constructive. Everyone is reflecting on what they have heard and a clear decision will be taken soon.

"They were both very good in terms of coming closer to the right solution. As ever, when you have a competition, you hope it produces outstanding results and I think that is what we have seen. Whichever we do go with, it will be an excellent result."

Hicks and Gillett are no longer looking to load the debt onto the club in the way that the Glazers have done with Manchester United, and are hopeful of clinching a refinancing deal before February 1.

In the event they are unable to do so, they may have to come to a new arrangement with the RBS.

If the worst comes to the worst and they are forced to sell the club — and sources close to the pair say that is very unlikely — then Dubai International Capital, the investment arm of the ruler of Dubai, may again become interested in buying Liverpool, but only on an outright basis rather than just obtaining
some shares.  PA