Wolverhampton Wanderers owner Steve Morgan claims Liverpool would be debt-free if they accepted his investment offer before George Gillett and Tom Hicks eventually took charge at Anfield.
Morgan abandoned his bid for Liverpool in 2004 after "indecision" from the board, with Gillett and Hicks taking control three years later but having their reign heavily criticised by supporters for the debt taken on by the club.
"I was going to put at the time up to £70million investment into the club," Morgan told Bloomberg. "It would have been cash into the club. It would have pretty much reduced the debt and got the debt down to nil."
Liverpool's debt has been estimated at £237million and chief executive Christian Purslow has been working on securing outside investment.
The club have to pay interest on their debt, but Morgan added: "If I'd have been there, there wouldn't have been that interest bill."
Morgan has bought Wolves since and is optimistic about the future after promotion to the Barclays Premier League.
"Our plan this year and hopefully next is to establish ourselves in the Premier League and to build," he said.
"But again, it's a step at a time. This year is about trying to establish ourselves and then to take the club forward."