Chelsea fan comes to Liverpool's rescue
Before Friday's announcement, Martin Broughton's interest in football was restricted to watching Chelsea.
He says he first fell in love with the Stamford Bridge club when, led by Roy Bentley, the Blues won the old First Division in 1955. Despite being chairman of British Airways plc, he still manages to get to half of Chelsea's games.
Now he has been given the job of sorting out the mess at one of Chelsea's main rivals, Liverpool.
For most Liverpool supporters, Broughton's allegiance will be irrelevant. They have grown so frustrated at the boardroom stalemate between Tom Hicks and George Gillett that they are probably just relieved to see confirmation that the Americans have finally decided to sell up.
The fact that a City big hitter with a serious reputation like Broughton has been brought in tells you how bad the situation has become.
So what's Broughton like?
Gillett and Hicks saddled saddled Liverpool with huge debt when they took over the club in 2007
Calm and assured, he comes over as a genuine sports fan. He used to be chairman of the British Horseracing Board and, after our interview on Friday morning, he told me a story about last week's trip to Aintree, where he had a decent winner on the Friday before the Grand National.
But can he deliver the investment Liverpool need to not only get the club back competing in the top four of the Premier League but also deliver the money needed for their new home at Stanley Park?
He says he is confident the owners' decision to sell 100% of the club will make it easier for him to find the right buyer.
And he has also been given what he describes as "sufficient time" by the Royal Bank of Scotland, who are owed £237m by Hicks and Gillett, to complete the sale. This is probably six months.
More broadly, Broughton believes there is too much debt on Liverpool's books and in English football in general.
Whoever buys the club will, he says, not be doing it with the sort of debt financing Hicks and Gillett used in 2007.