Liverpool co-owner George Gillett has declared himself embarrassed about the club's recent financial woes.

The presence of Gillett and Tom Hicks in the control center at Anfield has led to seething resentment from sections of the club's supporters, who are unhappy at seeing their team being treated as an economic commodity rather than the traditional club that they are used to.

Last month, Liverpool announced that plans for a new stadium had been temporarily shelved as the club struggleds to cope with the global economic downturn.

Over the summer, Rafa Benitez's side failed to gather the requisite capital to convince Aston Villa to allow Gareth Barry to join the Reds and the manager was forced to raise his own transfer funds through the sales of players.

Combined with that, Hicks and Gillett have come under pressure for their intentions of servicing their debts by slicing chunks of the club's profits.

Now, Gillett has conceded that the entire financial situation at Anfield has left him embarrassed, but he is still determined to find a resolution to the club's economic problems.

He told British daily The Independent: "You feel a responsibility and an embarrassment on occasions when you haven't provided all you might have. There's a level of embarrassment and you want to correct it quickly."

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