Liverpool may have to spend heavily in the January transfer window if they are to protect their future income.
That is the view of Simon Chadwick, professor of sport business at Coventry University, who believes the financial implications of the club's failure to reach the knockout stage of this season's Champions League could minor compared to those of finishing the current Premier League campaign outside the top four.
The Reds ended 2009 off the pace with Tottenham providing the closest challenge to the remaining three members of the usual suspects at the top of the division, and with manager Rafael Benitez repeatedly finding himself under pressure.
And if they cannot improve upon that situation over the second half of the season, Prof Chadwick fears for their longer-term future.
He said: "They are faltering.
"For clubs like Liverpool, Manchester United, Chelsea and Arsenal, the business model is very much founded on qualification for the knockout phase of the Champions League.
"Liverpool have failed at that first hurdle - they didn't progress to the knockout phase - but potentially, they could fail at the second hurdle too, which means they don't qualify for next season's Champions League either.
"If Liverpool do not qualify for the Champions League next season, they are on a little bit of a slippery slope and it starts to impinge upon their business model.
"They have to qualify for the Champions League next season and as a consequence of that, they have to spend some money.
"But is the money there to spend? They are either going to have to sell people to find it, or there is talk of prospective investors coming in.
"Whether those prospective investors might potentially be in place by January, which would enable Liverpool to buy, we will have to wait and see.
"But they have got to spend and they haven't got the money to spend, so they will have to sell or bring in new investors."
Prof Chadwick expects few clubs to invest heavily next month, although it tipping Manchester United to spend some of the £80million they raked in, but did not spend, by selling Cristiano Ronaldo to Real Madrid during the summer, while neighbours City have seemingly limitless funds upon which to call.
Instead, he is forecasting a rash of short-term deals as clubs jockey for position without over-committing themselves in the current economic climate.
He said: "I think by and large, the transfer window will be relatively quiet, and that comes out of concerns about money and continuing concerns about the downturn.
"In the main, I think it will be relatively quiet and if anything, the window will be characterised more by loan deals than transfers."
That is the view of Simon Chadwick, professor of sport business at Coventry University, who believes the financial implications of the club's failure to reach the knockout stage of this season's Champions League could minor compared to those of finishing the current Premier League campaign outside the top four.
The Reds ended 2009 off the pace with Tottenham providing the closest challenge to the remaining three members of the usual suspects at the top of the division, and with manager Rafael Benitez repeatedly finding himself under pressure.
And if they cannot improve upon that situation over the second half of the season, Prof Chadwick fears for their longer-term future.
He said: "They are faltering.
"For clubs like Liverpool, Manchester United, Chelsea and Arsenal, the business model is very much founded on qualification for the knockout phase of the Champions League.
"Liverpool have failed at that first hurdle - they didn't progress to the knockout phase - but potentially, they could fail at the second hurdle too, which means they don't qualify for next season's Champions League either.
"If Liverpool do not qualify for the Champions League next season, they are on a little bit of a slippery slope and it starts to impinge upon their business model.
"They have to qualify for the Champions League next season and as a consequence of that, they have to spend some money.
"But is the money there to spend? They are either going to have to sell people to find it, or there is talk of prospective investors coming in.
"Whether those prospective investors might potentially be in place by January, which would enable Liverpool to buy, we will have to wait and see.
"But they have got to spend and they haven't got the money to spend, so they will have to sell or bring in new investors."
Prof Chadwick expects few clubs to invest heavily next month, although it tipping Manchester United to spend some of the £80million they raked in, but did not spend, by selling Cristiano Ronaldo to Real Madrid during the summer, while neighbours City have seemingly limitless funds upon which to call.
Instead, he is forecasting a rash of short-term deals as clubs jockey for position without over-committing themselves in the current economic climate.
He said: "I think by and large, the transfer window will be relatively quiet, and that comes out of concerns about money and continuing concerns about the downturn.
"In the main, I think it will be relatively quiet and if anything, the window will be characterised more by loan deals than transfers."
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