In the first major salvo of what promises to be a bruising battle, Morgan publicly questioned Thaksin's integrity by suggesting he did not have Liverpool's best interests at heart.

"None of us know the details of the bid from the Thai Prime Minister," Morgan told a press conference to outline details of his own plans to pump new funds into the English Premier League club.

"I do have a concern that someone who does not have the interest of the club at heart would end up owning 30 percent."

Morgan has put forward plans to inject 73 million pounds into the club via an issue of new shares which he would underwrite while Thaksin has offered to buy 30 percent of Liverpool in a deal worth just under 60 million pounds (110-115 million dollars).

Thaksin's proposal, which follows a failed bid to buy Fulham last year, has encountered opposition from some supporters, who are sceptical about his commitment to Liverpool.

Amnesty International has also questioned whether Liverpool should accept investment from a leader whose record has been criticised by the human rights watchdog.

Morgan however is handicapped by the strained nature of his relationship with Liverpool chairman David Moores, who currently owns 51 percent of the shares in the club. Moores rejected an offer of 50 million pounds from Morgan in March because he did not want to grant him a place on the board.

Reacting to Morgan's counter-bid, Thaksin ruled out getting involved in a bidding war.

"If we can get it, good. If not, never mind," he told reporters in Bangkok. "We have to consider what is a suitable price and we will not offer a higher bid. It depends on whether they (Liverpool) want to be our partner or not."

Thaksin met Liverpool chief executive in Bangkok on Monday and declared himself to be a longstanding fan of the club. That will not however prevent him walking away and looking for a link-up with another English club.

"There are many clubs which have expressed interest and want to be our partners," he said.

"If Liverpool agree to our original conditions there will no problem, but if they seek new conditions we will look for new clubs."

Morgan, who was born in Liverpool but lives on the tax-haven island of Jersey in the English Channel, said the money raised by his proposal would largely be spent on new players this summer.

"The capital would go into two pots. I am not sure how the pot will split but I will see the majority going to strengthening the playing squad," he said.

"The transfer window is relatively short. The squad needs strengthening right now. There is no point in Nero fiddling while Rome burns. We need to get on with getting players into the club.

"It is a very easy deal to do, there are no strings attached."

Morgan also denied that he would be unable to work with Anfield chairman Moores. "I disagree with some of the policies of the club in the past but it is not a personal issue," he insisted.

Moores could accept Morgan's proposal, take up some of his rights under the share issue and still retain a controlling stake in the club.

But there would inevitably be tensions between the two men if Morgan were to join the Liverpool board because of their differences over the key issue facing the club: the future of manager Gerard Houllier.

Moores has remained loyal to the Frenchman, despite the slide in Liverpool's fortunes since Houllier delivered the League, FA Cup and UEFA Cups in the 2000-01 season.

Morgan is a long-standing critic of the manager and made it clear his reservations had not been assuaged by the club's recent pick-up in form which has left them on the brink of qualifying for next season's Champions League by finishing fourth in the Premiership.

"The manager has had some success over the last six years but every supporter would have been disappointed to finish fifth last year and hopefully finishing fourth this year," Morgan said.

"We are closer to the bottom than to the top and that has to change. We have got to be fighting for the Premiership title next year."

Liverpool need a point from their final home game against Newcastle on Saturday to secure fourth place. That would also be guaranteed if Newcastle were not to win at Southampton on Wednesday evening.