The Reds keeper has made the admission in his newly released autobiography while also revealing that he came close to joining Arsenal in the summer of 2010 before former owners Tom Hicks and George Gillett blocked the move.
The American duo feared his departure would have sent out the wrong message to potential buyers as they desperately attempted to engineer the sale of the club.
Reina admits that period in Liverpool's history was difficult to write about amid increasing financial concerns, but the change in mood under the new owners and boss Kenny Dalglish couldn't be more stark.
"All the stuff about the club being threatened with administration - those were the most difficult bits," Reina said at the launch of Pepe: My Autobiography.
"It was a pretty tough moment for everyone, not just me.
"Everyone at Melwood, Anfield and around Liverpool were not very happy with the club, team and the performances.
"They were tough moments but once again I knew a club like Liverpool was not going to be sitting waiting for it to go into administration and fortunately we found good owners and the stability came back."