Source: Liverpool_Echo
How Liverpool FC fell from dreams of glory into a financial crisis
MIGHTY Liverpool FC faces the most crucial summer in its history, saddled by debts costing £40m a year and with its warring co-owners having put it up for sale. The Echo's Liverpool writer Dominic King examines how the crisis began - and has since unfolded.[LNB] PICTURE the scene. It's August 2010 and the Red half of Merseyside is abuzz with excitement and anticipation on the eve of the new Premier League campaign.[LNB]This will be Anfield's penultimate season but while hearts are understandably heavy at the prospect of leaving the place that has been home for 108 years, the pain is assuaged by the sight of the new, sparkling stadium which is under construction in Stanley Park.[LNB]On the pitch, redevelopment has also been smooth.[LNB]As he finalises preparations for the opening game against Aston Villa, Rafa Benitez - having worked in tandem with his board to sign David Silva, Gary Cahill, Oscar Cardozo and Philip Lahm - is in a positive frame of mind.[LNB]Though he is playing down his side's title chances, Benitez has the air of a man who is expecting Liverpool to spring a surprise; he is well aware of the expectation among supporters but the glint in his eye suggests that expectation will not be a burden.[LNB]Liverpool, you see, have made big strides since being taken over in February 2007 and Benitez - who had urged the new owners to follow Real Madrid's example to make the Reds one of the world's most successful, profitable clubs - can see things falling into place.[LNB]Sounds good, doesn't it?[LNB]It's the kind of scenario many supporters envisaged happening once former chairman David Moores realised the only way the Reds would be able to reclaim their place at the summit of English football was with massive financial investment.[LNB]How, then, have Liverpool found themselves entering the most crucial summer in their history on the lowest possible ebb? Thoughts of Benitez embarking on a spree to bring in those aforementioned players are fanciful, while dreams of winning the title are distant.
