( CNN ) -- Liverpool 's official supporters club is hoping the intervention of former chairman David Moores will hasten the departure of unpopular owners George Gillett and Tom Hicks . In a 3,155-word letter to the Times newspaper , Moores said he `` hugely regrets '' selling the English Premier League team to the American pair in 2007 and called on them to sell up as soon as possible . Under Hicks and Gillett , Liverpool 's debts have spiraled to $ 507 million and the club 's finances are further imperiled by the failure to qualify for next season 's European Champions League . Hicks told Sky Sports News on Wednesday that they hope to sell the club by the end of the year . James McKenna , spokesperson for the `` Spriit of Shankly '' supporters club , said he hope Moores ' letter will encourage the banks who have loaned money to the Americans to put pressure on their clients to sell . `` If the previous owner admits it 's a mistake , and the fans all see it as a mistake then surely those who allow them to stay in control , like the Royal Bank of Scotland will realize that , '' McKenna told CNN . `` I think if anything it gives a bit more impetus to fans to ramp up the pressure on Hicks and Gillett . It is about time they walked away . '' In his letter , Moores explained the checks that were run on the Americans before they were allowed to seize control , but admitted that more could have been done to investigate where their money was coming from . `` I call upon them now to stand back , accept their limitations as joint owners , acknowledge their role in the club 's current demise , and stand aside , with dignity , to allow someone else to take up the challenge , '' Moores concluded . `` Do n't punish the club 's supporters any more - God knows they 've taken enough . '' McKenna described the Americans ' reign as `` disastrous '' and said there was a real danger of the club falling to financial ruin , unless new backers are found soon . Portsmouth became the first Premier League club to enter administration last season . `` Once we fall out of the top four and we are not meeting the same revenues , how are we going to meet these interest repayments of £110,000 a day ? '' he said . `` It simply is n't sustainable at the present time and it will become very quickly a real risk of administration if the situation worsens . '' With Liverpool out of Europe 's top competition and little money available for new recruits , the British media has speculated that manager Rafael Benitez will be forced to sell key players such as Spanish top scorer Fernando Torres and England midfielder Steven Gerrard . `` There 's a real fear that players may be forced out because there 's no investment , '' said McKenna . Steven Gerrard , Fernando Torres , Pepe Reina and Javier Mascherano - world-class players like that need to be playing in a world-class team , challenging and winning honors year in year out . '' Speaking to Sky , Hicks said the club was in `` healthy '' financial state and did not need to sell Gerrard or Torres .
Liverpool fans welcome former chairman David Moores ' plea for owners to sell . Club 's debts have reached $ 507 million under Americans Tom Hicks and George Gillett . Score: 6