Tom Hicks, the Texas private-equity and sports investor, said a dysfunctional management structure and favorable market led to Friday's announcement that he and partner George Gillett will sell the English soccer club Liverpool.

The sale, which will be handled by Barclays Capital, would bring to an end a three-year tenure for Messrs. Hicks and Gillett at the helm of one of the world's most storied sports franchises, which has been dogged by financial pressures, a strained business partnership and a fractious relationship with...