Benitez knew of club’s finances

Liverpool boss Rafa Benitez has confirmed that he knew all about the state of the club’s finances before he signed a new 5 year contract with the club towards the end of last season.

Figures released last week revealed the club’s holding company, Kop Football Ltd, lost £42.6million on the year ending July 2008 and that any prospects of financing a new stadium are being swamped by interest payments on the loan co-owners Tom Hicks and George Gillett took out to buy the club in February 2007.

But Benitez says he was fully aware of the club’s financial position, and concentrated on getting key players to sign contract extensions last season.

He said, “When I decided to sign a five-year extension to my contract, I knew in my own mind that Liverpool is more than just a club, it is the heart of the city. It is our life.

“It means so much to a lot of people. We had to sign, we have to fight, we have to do it because we wanted to do it. The people in Liverpool are always fighters, they have done that all their lives.

“We know that. We also knew that the financial situation was not fantastic. But we still have a lot of confidence in our squad and we want to fight for the title again next season.”