Liverpool were never at risk of going out of business despite the financial uncertainty surrounding the recent takeover, according to Premier League chief executive Richard Scudamore.
But there is nothing in place to stop another debt-funded buyout, such as that which saw Tom Hicks and George Gillett assume control at Anfield in 2007, taking place in the world's most famous league.
Liverpool - whose fans feared they could go into administration and incur a nine-point penalty - were eventually taken over earlier this month by New England Sports Ventures who guaranteed to pay off the club's £237million acquisition loan from the Royal Bank of Scotland, which had been taken out by Hicks and Gillett.
Scudamore explained: 'The club was never at risk. There were bidders for it and the outcome was always what was likely to happen.
'There is nothing in place per se to stop another Hicks and Gillett happening. When they came along they passed all our tests and they would pass out current tests in terms of them as individuals.'
Scudamore, however, believes the sort of buy-out put together by Hicks and Gillett could not take place in the current financial circumstances. And he insists there are stricter controls in place at the Premier League.
Scudamore said: 'What is different now is the extensive meetings we have with any prospective new owners and the future financial information which is required.
'The world has moved on. That sort of borrowing against that sort of asset is just not available in the market place anymore.
'Those were different times. There is no way that sort of borrowing could be obtained now to put that sort of deal together.'
There are no moves, however, to ban debt-funded takeovers. 'They are allowed,' Scudamore told BBC Radio.
'But if we deem the level of leverage to be too high and the business to be unsustainable then we have much more power as a board to either prevent that from happening or to apply some pretty stringent controls on the club.
'I am not sure that (the level of debt) was going to threaten the existence of Liverpool Football Club. I would prefer everything to be done in cash. I would prefer everybody to pay their bills on time, but we have to live in the real world and football has always attracted investment.
'Leveraged debt per se is not bad. It is the level of it, the terms of it, the short term nature of it. Anybody who borrows that amount of money (£237million) and has to repay or refinance in 12 months is certainly at the risky end of the business.'
Scudamore admitted if he was in charge of a Premier League club he would run it cautiously.
He said: 'I would not be paying out for the big world super stars. I wouldn't be taking the risks. I am risk averse.
'The Premier League is run on a risk averse basis. We have solid contracts and a very tight budget. We don't spend more than we need to spend. We don't owe a penny, we pay our debts on time.
'But we don't have to compete in dog-eat-dog across our clubs and across Europe. We're not in the business of putting on a show which is a Premier League match. You can't run a club like I run the Premier League.
'We generate the money at the Premier League. We distribute it to the clubs, they then put on the fantastic show they put on. But they have to take huge risks.
'Even if our 20 clubs got it all right half the clubs would end up in a league position less than they expected to, some would get relegated even if they were all run as perfect businesses.
'There is an element of football which is irrational. It is the sporting element.
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