Liverpool’s shaky start to the season poses a fresh threat to the American ownership of the club.
Tom Hicks and George Gillett Junior's business model depends on Champions League qualification.
Just three weeks into a campaign which began with grand hopes of securing the title, key Anfield figures are gravely concerned about fending off the top four bids of Manchester City and Spurs.
And if they do fail to make that Champions League slot, the owners would come under intense pressure to sell off valuable assets.
That would put the futures of key players such as Fernando Torres, Pepe Reina and Javier Mascherano under the spotlight.
Liverpool have secured bank loans based on regular Champions League participation and the money raised from Euro campaigns is used to invest in the squad. That is worth up to £20million a season.
Hopes for a record £80m shirt sponsorship deal, which is due for renewal, will also be hit by Liverpool's poor start, as advertisers negotiate on the basis of elite Euro involvement for the next few years.
Most worrying for Kop fans is a deep split at the club about who is responsible for the lack of quality in the side.
The Americans' view is "don't blame us." Hicks and Gillett insist they have consistently provided millions to strengthen the squad - including £30m of their own money - and cannot be held responsible for imbalances within it.
They also argue the business model they have put in place is identical to Manchester United and Arsenal, where the budgets are based on regular Champions League involvement.
Manager Rafa Benitez has felt since the day he arrived at Anfield he has not had the same resources as United, Chelsea and Arsenal.
But Liverpool deny the fans' claims of 'missing millions' from summer transfer dealings. At least £7m of the budget was allocated to salary increases over the next year. And around £100m has been committed to new contracts over the next four years.
Twenty-seven backroom and coaching staff also left Anfield over the summer. Some were paid off but battles for unfair dismissal claims are ongoing.
Club sources also point to unpublicised but significant hidden costs such as agents and signing-on fees.
They also began last season 'in the red' to the tune of £9m in terms of transfer deals when they signed Albert Riera. That was balanced by the sale of Robbie Keane back to Spurs for an initial £12m.
But it underlines how the publicised 'ins and outs' column does not paint the full picture. Irate Liver-pool fans demand more funds for their manager, while paradoxically campaigning against the levels of debt.
Benitez did try to ship out more players to raise funds. But Ryan Babel, Riera, Andriy Voronin and Phillip Degen could not be shifted.
Ironically, Benitez's position is safest of all. The club can't afford to sack him as he would collect a £25m pay-off under his new five-year-deal. Also, no one on the board has the sole authority to take major decisions about the manager's position.
The whole scenario underlines Liverpool's tightrope walk since the Americans took over.
A season which started with dreams of securing the first title in 20 years is heading towards further confrontation between those who believe Benitez has been denied resources and owners who insist they have backed him as much as financially viable.
Caught in the middle are the fans, united in their desire to see an end to the American regime, but deeply divided on whether the manager should accept his share of the responsibility.
Tom Hicks and George Gillett Junior's business model depends on Champions League qualification.
Just three weeks into a campaign which began with grand hopes of securing the title, key Anfield figures are gravely concerned about fending off the top four bids of Manchester City and Spurs.
And if they do fail to make that Champions League slot, the owners would come under intense pressure to sell off valuable assets.
That would put the futures of key players such as Fernando Torres, Pepe Reina and Javier Mascherano under the spotlight.
Liverpool have secured bank loans based on regular Champions League participation and the money raised from Euro campaigns is used to invest in the squad. That is worth up to £20million a season.
Hopes for a record £80m shirt sponsorship deal, which is due for renewal, will also be hit by Liverpool's poor start, as advertisers negotiate on the basis of elite Euro involvement for the next few years.
Most worrying for Kop fans is a deep split at the club about who is responsible for the lack of quality in the side.
The Americans' view is "don't blame us." Hicks and Gillett insist they have consistently provided millions to strengthen the squad - including £30m of their own money - and cannot be held responsible for imbalances within it.
They also argue the business model they have put in place is identical to Manchester United and Arsenal, where the budgets are based on regular Champions League involvement.
Manager Rafa Benitez has felt since the day he arrived at Anfield he has not had the same resources as United, Chelsea and Arsenal.
But Liverpool deny the fans' claims of 'missing millions' from summer transfer dealings. At least £7m of the budget was allocated to salary increases over the next year. And around £100m has been committed to new contracts over the next four years.
Twenty-seven backroom and coaching staff also left Anfield over the summer. Some were paid off but battles for unfair dismissal claims are ongoing.
Club sources also point to unpublicised but significant hidden costs such as agents and signing-on fees.
They also began last season 'in the red' to the tune of £9m in terms of transfer deals when they signed Albert Riera. That was balanced by the sale of Robbie Keane back to Spurs for an initial £12m.
But it underlines how the publicised 'ins and outs' column does not paint the full picture. Irate Liver-pool fans demand more funds for their manager, while paradoxically campaigning against the levels of debt.
Benitez did try to ship out more players to raise funds. But Ryan Babel, Riera, Andriy Voronin and Phillip Degen could not be shifted.
Ironically, Benitez's position is safest of all. The club can't afford to sack him as he would collect a £25m pay-off under his new five-year-deal. Also, no one on the board has the sole authority to take major decisions about the manager's position.
The whole scenario underlines Liverpool's tightrope walk since the Americans took over.
A season which started with dreams of securing the first title in 20 years is heading towards further confrontation between those who believe Benitez has been denied resources and owners who insist they have backed him as much as financially viable.
Caught in the middle are the fans, united in their desire to see an end to the American regime, but deeply divided on whether the manager should accept his share of the responsibility.
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