Liverpool chairman Tom Werner admits they're reigning in their transfer spending.

Werner revealed that the spectacular spending which characterised Kenny Dalglish's reign is a thing of the past.

He said: "This is a very financially strong organisation, LFC. We, in the past, I believe - not just in the previous season, but in the past - we have overspent for players and the results were not what we have expected.

"We do have the resources to be competitive, but at the same time, we are going to operate in a way that will be a self-sustaining model.

"I think you will see that you don't necessarily have to go out and spend £50million on one player to see success."