But chief executive Rick Parry said Morgan faced competition from another interested party, reported to be an American consortium of entertainment executives.

Parry said: “There is an offer on the table but the simple answer is that we have had another approach. We have looked at it carefully and consider it to be worthy of further investigation. We have reason to believe that it might be a better approach, and we have to give it consideration because it may lead to a very attractive proposition for this club.”

The news will further irritate Morgan, who has failed to gain satisfactory answers as to why three previous bids to buy the club were rejected.

The local multi-millionaire said he intended to keep quiet at this year’s meeting but was spurred into action by the intervention of his wife Didi, who claimed the board “would rather do a deal with the devil himself than my husband”.

Morgan, who is estimated to have spent £300,000 (€434,000) on legal costs relating to bids this year alone, said: “It has been a lot of anguish and I do not like washing our dirty linen in public.

“I would like to draw a line in the sand and move forward. I have got an offer on the table and you can have the money in the bank by Christmas to give money to Rafael Benitez and get the new stadium on the go. Please accept my offer.”

Beleaguered chairman Moores pledged to consider his own future after a year which, as expected, produced record losses of £21.9m (€31.7m) and sent costs for the projected new stadium in Stanley Park soaring to around £115m (€166.4m).

An emotional Moores said: “I am still considering Mr Morgan’s offer and perhaps it is time now. It has been a difficult year. I love the club dearly but it is obvious I cannot compete with Mr Morgan’s millions. At the end of the meeting I will have to come to a decision one way or the other.

“It has been unbearable for myself and my family and I have hardly slept. But all of us have tried to work in the best interests of the club.”