LONDON (AFP) Over 500 angry Liverpool fans marched on the clubs Anfield ground on Thursday and burned the US flag in protest at the English giants American owners, the Daily Telegraph reported. Five-time European champions Liverpool have been saddled with 351 million pounds (422 million euros) of debt since American businessmen Tom Hicks and George Gillett took over the club in February 2007. Spanish coach Rafael Benitez was sacked on Thursday after a season that saw Liverpool finish seventh in the Premier League and crash out of the Champions League at the group stage. The protest had already been organised prior to confirmation of Benitezs dismissal, however, with fans invited to join a march to the stadium on social networking sites Twitter and Facebook, according to the Telegraph. This is another example of how this club has become the biggest farce in town. In a sense, Benitez is just collateral damage. When you look at Liverpool in a general manner, who will want to take the club on? said Paul Rice, of the supporters group Spirit of Shankly, quoted by the paper. Fans also called for the dismissal of managing director Christian Purslow, who was brought in to secure new investment in the club but has so far failed to do so. Photographs on the Telegraphs website showed Liverpool fans carrying banners that read 'Thanks Rafa. Purslow and Yanks Get Out Now and 'Tom and George Tell Lies. Another picture showed them burning a hole in the American flag.