The tycoons purchased the club, then set out plans for a futuristic stadium and provided funds for the squad.
The stadium plan was accepted and the funds helped bring in top striker Fernando Torres, who has more than paid the owners back with his goals.
Recently, though, relations have soured as the owners and manager Rafael Benitez have fought over transfer funds and other issues—notably the permanent acquisition of Argentine loanee Javier Mascherano, who is valued at £17m.
The conflict hasn't been helped by the mixed form that the Reds are currently displaying, which means that funds for more improvements may not appear.
Martin Skrtel is set to sign for the Reds this week for about £6.5m, which would make him the most expensive defender in the club's history.
The main crisis comes from the issues above and the fact that when the owners bought the club, they said they would never sell after reports suggested they were in it for a profit.
But now it seems that Hicks and Gillett have dug a hole for themselves, as they are struggling to find funds to refinance the club and are looking into bringing in help from a lifelong Liverpool fan—Irish millionaire John Miskelly, who in the past has tried to buy the club.
The owners may even offload the club, which would anger many fans who were promised that their purchase would be for the long term. Because of these problems, the prospect of a new stadium for Liverpool seems bleak.
Even worse is the fact that the original plans for a stadium were submitted in the same week as Arsenal's for Emirates Stadium, which has since been built and has been in full use for over a year.
The pressure on Rafa does not help things. His future is constantly under discussion, with the latest twist being the mention of Jurgen Klinsmann as a possible future manager—which in my opinion would be a mistake.
The crisis has extended to the players side too, where reports suggested that stalwart defender and vice-captain Jamie Carragher had attacked Luton fans dressed up like Scousers at last weekend's FA Cup tie at Kenilworth Road.
Those claims have been rubbished by outstanding accounts from witnesses at the game, who said that Carragher was abused by the fans.
No, he shouldn't have reacted like the reports suggest he did—but he's only human, and if you get beer thrown at you and are spat at, it's hard to keep yourself in check.
Because of all the above issues, as a Liverpool fan I'm worried that the club is going to pieces off the pitch. But as the old saying goes, C'est la vie!...and hopefully it will all be settled in a good manner to help the club prosper.