The main problem for Liverpool isn't Hodgson amazingly. It's the fact that because of the debts, and the fact that things aren't going well in terms of success and making profits (something which, despite our debts, isn't a problem because we are in profit), which could make things difficult later on. Selling Gerrard and Torres would raise some funds, but to be honest with the debts as high as they are and the fact success on the field just isn't being achieved at this time, then they will increase because the expectations financially aren't being met. Let me explain. A team like Manchester United, who are in debt need to ensure certain achievements on the pitch to keep the club in profit at the end of the financial year or at least break even. So this involves things like finishing high in the league, going far in the Champions League, and going far in the other cup competitions, as well as filling Old Trafford every week and selling merchandise (consider this, Real Madrid make 100 million Euros a year from shirt sales) and these are the things which make sure that teams meet certain requirements. So in short if Liverpool aren't meeting these, then they COULD go into administation and they WILL have points deducted, and yes they COULD go down. Would that be disastrous? Yes it would, because as previously mentioned there is no guarantee of them coming straight back up and thye would have to sell the players who would raise money to try and make up the big financial loss they would have by being relegated. It's just as disastrous not to finish in a European spot this season, which I don't believe Liverpool will do, for one minute, and that's just a start, to become at least financially viable they need to get back into the Champions League, but with teams like Man City and Spurs getting better, it's really unlikely they will.
But for Liverpool to recover they need stability. And better players. They have some very poor players at the moment, certainly not top class ones. And that's another problem.
I say keep Hicks and Gillett and Hodgson, it's funny to laugh.