Liverpool managing director Ian Ayre feels the club's Hicks-Gillett era should be a warning to all Premier League rivals seeking foreign owners.

Ayre reckons those bleak times should be a stark warning to every club hunting new owners.

He said: "We've seen a lot of foreign investment in football, especially in the UK, but it's not like any other business.

"There's something else which is the reason everyone turns up... the fan - the effect it has on them, the community ad in our case the city.

"People coming into football should understand not only the business effect but the effect on sub-culture and the fan base."