"There's absolutely no reason to sell either Torres or Gerrard," Martin Broughton said in an interview on the club's website.
"I don't want to sell either of them; (coach) Rafa (Benitez) doesn't want to sell either of them. The club is not looking to sell either of those.
"We don't need to do it to pay off any debt."
Liverpool will not be playing in the lucrative Champions League [ Images ] next season after a campaign that has gone from bad to worse. They went out of Europe's elite competition at the group phase and with one match remaining in the Premier League lie in seventh place.
Broughton's comments vied for attention in the British media on Saturday with reports the club's debts had risen to over 350 million pounds (US $541.3 million).
The club's American owners Tom Hicks and George Gillett put the club up for sale last month, bringing in Broughton to oversee the process.
"Success for me is completing the sale in a relatively short period -- a matter of months -- to somebody who hindsight says was a very good owner for Liverpool," Broughton said.