Jamie Carragher harked back to Liverpool 's past ownership nightmare in a stern warning to Chelsea as Roman Abramovich prepares to offload the club.
Abramovich announced he is selling the Blues on Wednesday, 19 years on from when he bought the club in a move which would change the face of the Premier League.
An American-Swiss consortium headed by billionaire Hansjorg Wyss is understood to be in pole position to take Chelsea off the Russian oligarch's hands.
Carragher insists finding "the right buyer" is of paramount importance if the West Londoners are to avoid the fate Liverpool endured under Tom Hicks and George Gillett Jr.
The two American tycoons bought the Reds from long-standing owners the Moores family in 2007, ushering in a period of under-performance on the pitch, mounting debt and poor relations between fans and club chiefs.
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Hicks and Gillett ended up selling the club to Fenway Sports Group in 2010 after a regrettable three-and-a-half-year tenure which took its toll on players and staff alike.
Recalling the 2007 transaction, Carragher told the Daily Telegraph : "The uncertainty of a club sale will also affect the morale of staff. Many of them must be seeking reassurances about the club's future.
"When Moores made those comments about needing a billionaire at Anfield, it triggered a prolonged spell in which Liverpool were searching for the right buyer.
"As players, we felt in a sort of limbo, waiting and hoping a resolution would be found but constantly playing fixtures amid a background of takeover stories.
"When the club chose the wrong buyers - Tom Hicks and George Gillett Jr - it got worse. Some of the best players left."
Liverpool failed to win a major honour under Hicks and Gilletts' ownership, whereas they are in the midst of a trophy-laden spell under FSG.
Adding to his caution to Chelsea fans, Carragher warned the Stamford Bridge faithful that rich owners are no guarantee of success as billionaires' motives are largely selfish.
"No matter what the intentions of wealthy individuals or consortium, you can never be 100 per cent certain of their motives," the former England defender added.
"Most of those who have come to England want success to make money for themselves as part of a long-term plan to sell for a profit."
With the consortium led by Wyss and American Todd Boehly leading the race to sign Chelsea, Egyptian businessman Loutfy Mansour has withdrawn his interest.
Although he is a season ticket holder at Stamford Bridge, a spokesperson confirmed he is "not pursuing a bid".
