Peter Crouch rescued a Barclays Premier League point with a late goal at Anfield on Monday.
Crouch hooked in right footed from 10 yards in the 88th minute to avert a disastrous result for under-fire manager Rafael Benitez.
"It's certainly not good enough. We'll keep going, it (the title race) is not over until it is over. But it's certainly not good enough."
Asked about whether the speculation concerning the future of the club's ownership and Benitez's position is having an effect, Gerrard said: "It's not just this week, it's been going on for some time and it's certainly not helping the players.
"I've got to be careful what I say about the situation but it's certainly not helping the team.
"We know what's going on, but as players you've got a job to do on the pitch and you try to put what's going on off the pitch to the back of your mind. But sometimes it's impossible, when it is every day."
Liverpool boss Benitez felt his side had not got what they deserved from the game.
"It was difficult to explain, after half-time we had a lot of chances but couldn't score the second goal, and in just three minutes, two long free-kicks, we conceded," he said.
"We were attacking, controlling, you could see they were not creating anything. At the end we scored another goal but I think we deserved to win first and not be under pressure."