And matters could worsen if the team failed to achieve the lucrative income from Champions League qualification.
He told the Liverpool Echo: "Things aren't working as the ardent supporter would like in terms of challenging for the Premiership and to get there the club is going to have to spend more money to get it right."
He said the club's owners will now hope to reel in spending and run a tight ship until the club's proposed move to the new stadium in 2011 and the promise of increased revenues from the bigger 71,000 capacity: "Taking your football hat off, if they can keep the status quo with player dealings over the next few years and service the debt then everything will be rosy in the new stadium.
"But fans don't want that, they want to be spending £18m on buying players like Javier Mascherano and that's where Hicks and Gillett have misunderstood what the position will be.
"They didn't realise there will be tremendous pressure to go out and buy the Mascheranos and this is where it has all suddenly gone a little wrong. It is going to be tough going for the club."