(CNN) -- Liverpool's decision to sell the English club Boston Red Sox owner John W. Henry will be welcome news to its fans, who have seen their beloved team sink to new lows in recent months.
After failing to qualify for this season's European Champions League competition, the Reds have made a disastrous start to the new Premier League campaign, slumping to 18th out of the 20 teams taking part.
Liverpool's debt has also risen to an estimated $377 million since American owners George Gillett and Tom Hicks took over in 2007, making them extremely unpopular with the club's loyal supporters.
The current state of affairs is a long way from the glory days of the club in the 1970s and '80s, when they consistently finished top of the English league as well as enjoying success in Europe.
But Liverpool did once sink to the second division of English football, before their fortunes were turned around by the club's most popular manager Bill Shankly in the 1960s.
And with the imminent sale of the club once again signaling a new era at Anfield, CNN takes a look back at some of the highs and lows in Liverpool's history.