Irishman guided the Reds to a runners-up berth last campaign.
Liverpool head coach Brendan Rodgers has been named the LMA Manager of the Year.
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The Northern Irishman wins the award after guiding the Merseyside giants to an unexpected second-place finish in the Premier League, with the Reds eventually ending up two points behind the eventual champions Manchester City.
However, at the start of the campaign, Liverpool were thought to be only fighting for a top-four finish and a place in next season’s Uefa Champions League, an aim that the club actually achieved last month after beating Norwich City 3-2 at Carrow Road.
Meanwhile, centre-back Daniel Agger’s equaliser against Newcastle United in the club’s final league match of the campaign at Anfield on Sunday afternoon was also the Merseysiders’ 100th goal in the Premier League, with the team going on to record 101 in total, their best-ever return in the top flight for more than 100 years.
And despite Liverpool eventually failing to win their first title since 1990, the 41-year-old did become the first Reds boss in the Premier League era to have been in with a chance of the title going down to the final day of the season.
He accepted the honour with good humour.
Q: Was it mixed emotions yesterday? Rodgers: 'No, I was hoping I'd be on the open-top bus today'
— Sam Wallace (@SamWallaceIndy) May 12, 2014