The Texan met chairman Martin Broughton in London earlier this week as he bids to retain his hold on the club despite continuing opposition by the Anfield board of directors to any plans to refinance, having rejected a previous attempt in June.
Broughton, managing director Christian Purslow and commercial director Ian Ayre consulted leading international law firm Slaughter and May over their legal rights to block any approach by Hicks or George Gillett to use club assets as collateral to secure a loan.
Hicks is planning to buy Gillett's 50% stake in the club with the former Montreal Canadiens owner battling financial problems after borrowing £75million from US-based Mill Financial when the duo were forced to reduce their debt to the Royal Bank of Scotland in 2008.
One-time Texas Rangers owner Hicks is determined to hold on to Liverpool at all costs and is understood to have held discussions FBR Capital Markets to raise enough funds to pay off both Gillett’s credit note and the RBS debt.
RBS have set a deadline of October 11 for the Americans to repay their £280million loan but Hicks is hoping that he can secure short-term finance which will allow him more time to find a buyer who meet his valuation of the club.
Gillett is planning to default on his part of the loan and HIcks could be forced to follow suit if he fails to secure backing, which would see ownership of the club change hands for the second time in three-and-a-half years.
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