Liverpool’s American owners George Fillett and Tom Hicks have finalized details on the refinancing of the Premier League side. The deal totaling £350 million also includes the go ahead on the latest design for a new 71,000 seat stadium. The stadium is expected to be ready for the 2011-12 season.

Kop Football Holdings refinancing comes on the back of weeks of media speculation surrounding potential buyouts of the club. However, Hicks and Gillett have looked to remove uncertainty with bold statements on the clubs future. They have also publically backed Rafael Benitez to carry the club forward.

"Rafa is under contract for two more seasons following this season. I am solidly behind Rafa and am confident of the team's competitive prospects under his continuing leadership."

Out of the £350 million financial package around 1/3 will be tied to the club. Money will be apportioned for future transfers and the day to day expenses of the club. In addition to this £60 million will be sidelined as startup money for the new stadium.

Hicks and Gillett took over Liverpool back in March 2007 for £218.9 million.