Hicks: Liverpool won’t match Chelsea in the transfer market

The Texas Rangers and Dallas Stars owner told Radio 5 Live: “I’ve been in the business for 13 years and I know that doesn’t work.

“Our job as owners is to create the right balance of generating as much revenue as the fans want to pay, the sponsors want to pay, the media companies want to pay and giving as much of it to the players as you have to have a business that can go forward as a business.

“The key is to have a smart manager like Rafa who will take a long-term view of how we can get better. I know enough from talking to him now that he doesn’t want to do what you just described, he wants to build for the long term.

“I’m not saying we won’t spend for transfers, that may be what we do. But it’s got to be in the context of a plan that makes Liverpool competitive every year for a long time.

“We have budgeted a big number, I’m not going to tell you what it is because it’s part of Rafa’s plan, but the new stadium is very important to that because with the higher revenues Liverpool have we will be able to compete with anybody.

“We’re very fortunate in that George and I feel that Rick Parry is the perfect guy to be the chief executive of Liverpool, and certainly everything we have seen of Rafa Benitez suggests he is a bright young manager as well.”