Liverpool captain Steven Gerrard is hopeful the club's transfer activity this summer will give the Reds the opportunity to redress the balance in their long-running battle with Manchester United.
Sir Alex Ferguson's side edged one ahead of their arch-rivals in terms of championship titles with their 19th success in May. By contrast, Liverpool have not won the league since 1990 - when Kenny Dalglish was in charge first time around - and their last trophy of any kind was the 2006 FA Cup.
But with owners Fenway Sports Group willing to invest heavily in players such as Jordan Henderson for the long-term future, Gerrard said: "As a Liverpool fan and a player it's frustrating when you see your arch-rivals lifting trophies but you've got to give credit where it's due. They've won it, they've overtaken us. Now the challenge for us is to equalise."
He added: "We've got to make sure we've got a squad capable of going into the season and competing with Manchester United.
"It's a big statement by the club getting a big signing in early and now we're watching anxiously for a few more to follow. It's exciting times.
"It's important this team delivers very soon because we've been a number of seasons without putting a trophy in the cabinet and that's not what Liverpool is about.
"I want to play well, I want to score goals - but it's much more important that the team plays well and we all end the season happy."