Alan Hansen has told The Independent that Liverpool need to back manager Jurgen Klopp to the tune of £200m to make the Reds Premier League title contenders.
The former Liverpool defender does not think that the current squad are anywhere close to winning the club a first English championship since the 1989-90 season.
That viewpoint is supported by the fact that the Merseyside outfit are languishing in eighth in the Premier League table, 15 points adrift of leaders Leicester City.
In an interview with The Independent, Hansen said that Reds require “five major signings”, but is not convinced that the owners will fund such a recruitment drive.
The eight-time top-flight winner is worried that Liverpool’s previous failures in the transfer market could see Fenway Sports Group take more care with their money.
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“These players are not going to win the league, so realistically they probably need five major signings,” Hansen told The Independent. “Jurgen Klopp will have taken the job already knowing who he wants to bring in. The owners have brought him in and now they need to back him, but the problem is the money.
“From what I understand Fenway Sports Group have told the manager it is not a bottomless pit. So the problem he might have is that the owners have invested so much already, will they be reluctant to do it again? They have spent a lot – £20m on Lazar Markovic, and then he was sent out on loan.
“You could say they need to spend £100m, but where does that get you in today’s market? If they are going to have a real go it needs to be more like £200m – but you can’t just snap your fingers and solve the problem.”
The first transfer window of the Klopp reign saw only Steven Caulker arrive on loan from QPR, although a deal was struck to sign Serbian midfielder Marko Grujic from Red Star Belgrade.
The signature of Schalke defender Joel Matip has also been secured for next season as Klopp begins what could be a significant reshuffle to clean up the mess left behind by Brendan Rodgers.
According to Hansen, it could be a long and expensive process.
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