Tom Hicks and George Gillett

Tom Hicks and George Gillett are expected to cement their control of Liverpool this morning by announcing that they have secured a £350m loan to refinance their takeover and allow work to start on a new 70,000-seat stadium. The news will be a major setback to Dubai International Capital's attempts to buy out the Americans and to supporters in revolt at the co-chairmen's controversial reign.

The Liverpool owners had intended to unveil both the refinancing package and their new designs for a stadium on Stanley Park before yesterday's self-imposed deadline. That deadline passed without an announcement but it is understood terms were agreed with the Royal Bank of Scotland and the US investment bank Wachovia last night. The delays were the result of lawyers and accountants on both sides of the Atlantic having to sift through documentation concerning the loan, with the signing and announcement of the deal postponed until the start of business today at the request of RBS.

Gillett and Hicks believe the package will end the uncertainty over the ownership of the club after DIC re-emerged as a serious bidder. The hope that it will also allow them to regain favour with Liverpool supporters over the 18-month duration of the loan may prove more forlorn, because fans are now organising financial boycotts of the club and of Liverpool's sponsors. That will not deter the co-chairmen from populist moves in an attempt to regain supporters' confidence, however, with the long-term signing of Javier Mascherano a priority once the loan is in place.

The Argentina international is in the final six months of an 18-month loan spell at Anfield but is attracting interest from Manchester City, Barcelona and Juventus after Gillett and Hicks refused to sanction a £17m deal to sign him on a long-term basis. However, the midfielder has frequently stated that he would prefer to remain with Liverpool and the co-chairmen intend to revive talks with his owner, Kia Joorabchian, with a view to securing his signature before the end of this season.

A more direct route towards supporters' trust would be to end the uncertainty over the future of the popular Rafael Benítez, whom Hicks undermined further last week with the admission that he and Gillett had approached Jürgen Klinsmann with a view to having the German replace the Spaniard as manager. That confession accentuated a divide between the Liverpool co-chairmen over how much of the £350m loan should become a burden on the club, although Gillett did not take up an approach from DIC to present his business partner with an offer for his 50% share.

Hicks has since vowed to learn from the mistakes that have destabilised the Americans' reign and reassuring Benítez he has a long-term future at Anfield would be a start. But the Liverpool manager's relationship with the Texan remains fractious and whether Benítez would want to continue working for the current owners, despite his deep affection for the club, is uncertain. Benítez also knows he needs a strong run in this season's Champions League and a vast improvement in Liverpool's league form to persuade the Americans to allow him to continue his rebuilding of the club.

The RBS and Wachovia loan will enable Hicks and Gillett to repay the £298m they have borrowed over the past 12 months to purchase the club, absorb existing debts of £44.8m, sign players and finance work on the new stadium. The additional funds will repay interest and enable work on the stadium project - revised after Hicks's plans came in over budget - to commence. Designs for the stadium are expected to be made public along with the announcement of the loan.

Of the £350m refinancing package only £105m will be saddled on Liverpool, with £185m secured on Hicks's and Gillett's holding company, Kop Investment. The Americans have increased their personal guarantees from £30m each to about £55m.

The amount of debt on the club's books represents a battle won by the chief executive, Rick Parry, and the former chairman and now honorary president, David Moores, who both refused to sign up to plans to burden the club with responsibility for the full £350m loan. Neither was in a position to block the loan itself but they may pay a price for their intransigence once the Americans secure their hold on the club.

With £60m of the £105m club debt allocated to stadium costs Liverpool will be left with a working capital debt of £45m - almost identical to the working debt under Moores.