Singapore billionaire Peter Lim says removing Liverpool's "massive debt" is key to their future success.

Lim has returned with a promise of £320m for the club and a further £40m to be spent on players. The rival American offer has made no pledge on transfers.

Lim made the bulk of his £1billion wealth from a palm oil business although he also owns a fashion business and, intriguingly, several Manchester United?themed bars in Asia.

He claims his offer is entirely in cash, paying off the £200m acquisition debt, the club's existing debt and outstanding bank fees and will provide much-needed funds for squad strengthening in January.

"I believe if Liverpool's massive debt burden can be removed, the club can focus on improving their performance on the pitch," said Lim. "If the board accepts this offer, the monies are available immediately thereby removing the threat of administration. I will inject £40m into the club for Roy Hodgson to sign players during the next transfer window. Liverpool need to start winning again."