Liverpool's net outlay on players is not as high as that spent by England's biggest clubs and as a result does not guarantee they can win the Premier League title, manager Rafael Benitez has said.
"There's a misunderstanding when people speak of the money Liverpool have spent, as between what we have spent and recovered we're at a similar level to those at the top, but not the biggest sides," Benitez told Thursday's sports daily AS.
"Manchester United have spent £70million pounds (this year) when we have spent £40 something million and recovered £26million.
"Many people say we have to win the title because of the money we have spent but other teams such as United, Chelsea, Newcastle United or Aston Villa have also spent a lot of money.
"Arsenal have been spending a lot on young players for years and now are reaping the rewards," he added in the interview.
"All the top teams spend money but this does not guarantee the league title because Chelsea and United... are very big with a base created over a number of years."
Arsenal are currently top of the standings one point clear of champions Manchester United and three ahead of Chelsea with Liverpool a further four points adrift in fourth spot.
Benitez has been reported to have a strained relationship with the club's new American owners over future spending plans for the squad, but he sought to play it down ahead of a meeting with them later this week.
"At a personal level we have a good relationship. We have had some differences at a professional level but when we meet and talk it will be cleared up as a misunderstanding," he added.
"We all want the best for Liverpool so I am sure we will understand each other well. I am very happy at Liverpool and hope to be here for many more years."
Liverpool reached the last 16 of the Champions League on Tuesday with a 4-0 win at Olympique Marseille and host a Premier League clash with champions Manchester United on Sunday.
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