Liverpool owner John W Henry admits they face a huge challenge to turn the club's finances around.

Henry has spoken of the enormous financial challenge facing Liverpool as he admitted Fenway Sports Group are still paying the price of the previous failed regime.

"The best analogy is that you can't turn an ocean liner around like you can turn a speedboat," said Henry. "You could say it was a bigger challenge than (when we bought) the Boston Red Sox.

"When you look back from this vantage point: the rivalry between Liverpool and Manchester United - Liverpool isn't holding up its side of the rivalry.

"That is the way it was with the Red Sox and the Yankees. The Yankees were just completely dominant when we arrived here 11 years ago. We knew we could never be on an equal footing financially with The Yankees.

"But we had to do everything in our power to get on a level footing with them on the playing field. That was a tremendous challenge. As we started to close the gap, they built a new stadium. That was a quantum leap forward. This is an even bigger challenge."