Slaughter and May has won a key role advising Liverpool Football Club as co-owner Tom Hicks attempts to secure backing to refinance the club's £237m debt with the Royal Bank of Scotland (RBS).

Slaughters is advising the Liverpool FC board, fielding a team led by corporate partners Nigel Boardman and Mark Zerdin, alongside finance partner Stephen Powell.

It emerged yesterday (20 September) that private equity firm Blackstone, which was understood to be on the verge of backing Hicks in his bid to retain control of the club, has ended negotiations with the US businessman.

Hicks and co-owner George Gillett put the Premier League club up for sale in April, bringing in British Airways chairman Martin Broughton to lead the process.

Despite a number of high-profile approaches by the likes of investment firm Rhone Capital and Hong Kong billionaire Kenny Huang, no official bid for the club has been made.

Earlier this month RBS moved the £237m debts to a team dedicated to toxic assets, indicating its intention to force a sale.

This resulted in Hicks approaching the debt restructuring arm of Blackstone in an attempt to secure the funds required to repay the club's debt to RBS by the mid-October refinancing deadline, despite strong objections from Liverpool supporters' groups keen to see the club taken under new ownership.

Hicks and Gillett took control of Liverpool in a 2007 takeover which handed lead roles to Allen & Overy and DLA Piper. DLA also advised the club last September on its £80m sponsorship agreement with Standard Chartered Bank.

Slaughters also is also a regular adviser of Arsenal FC, advising on corporate matters and transfer deals including the £25m sale of Emmanuel Adebayor to Manchester City in 2009.