Macfarlanes has become the latest law firm to take a role on the protracted Liverpool takeover saga, representing a Singapore billionaire who has lodged an improved bid for the Premier League club.

The City law firm is advising Peter Lim, who has made an increased £360m offer after last week losing out to US sports group New England Sport Ventures (NESV), whose £300m bid was accepted by the club's board.

The new bid values the club at £320m, with a further £40m made available to purchase new players.

Lim claims that he is not obtaining any financing for the offer and that the funding comes from his own cash resources.

In a statement, Lim (pictured) said "I believe that if Liverpool's massive debt burden can be removed, the club would be able to focus on improving its performance on the pitch.

"My offer pays off the existing owners' bank acquisition debt and also frees the club of its own bank debt. If the board accepts this offer, the monies are available immediately thereby removing the threat of administration."

"The club needs to strengthen its existing squad. As part of this offer, I will be injecting £40m in cash into the club to bring in new players during the upcoming transfer window."

Clifford Chance's former Singapore joint venture firm Wong Partnership is also advising Lim, who was this year named in Forbes magazine's list of Singapore's richest, with an estimated wealth of $1.6bn (£1bn).

He has interests in a range of industries including agribusiness, fashion, logistics, food and beverage and healthcare.

The improved offer from Lim could potentially impact on the court dispute over the NESV bid, which is being heard today in the Chancery Division of the High Court by Mr Justice Floyd.

The NESV deal has been challenged by the US owners Tom Hicks and George Gillett, who believe the bid undervalues the club.

Macfarlanes, which this year posted profits per equity partner of £710,000, is the latest in a raft of legal advisers to win advisory roles relating to the ongoing takeover.

One Essex Court's Lord Grabiner QC and Jamie Goldsmith are representing Liverpool FC's board alongside magic circle firm Slaughter and May, while City firm Peters & Peters, Paul Girolami QC of Maitland Chambers and junior counsel from Brick Court Chambers are acting for Hicks and Gillett.

US firms Weil Gotshal & Manges and Shearman & Sterling have also secured roles advising on transactional aspects of the takeover.