Rafael Benitez explains Liverpool's Premier League failures was down to one reason as he reveals Gareth Bale interest

Former Liverpool manager Rafael Benitez revealed the financial constraints that restricted the Reds from fully challenging for the Premier League title across his time at the club.

Having joined in 2004, the Spaniard miraculously led the club to the Champions League trophy in his debut campaign. Not only was it as a huge shock but triumphing over the might of AC Milan from 3-0 down saw him become an instant hero on Merseyside. However, they were far off the likes of Chelsea and Manchester United who dominated the league titles from 2004 until 2012 when Manchester City won their first.

Benitez spent six years at Liverpool winning the European Cup, Community Shield, FA Cup and UEFA Super Cup and managed players such as Javier Mascherano, Xabi Alonso, Steven Gerrard, Jamie Carragher and Fernando Torres. However, their financial ability in the transfer market paled in comparison to their rivals and key players left to join bigger clubs at the time just as they were building something special.

Gary Neville put that question to him on the latest episode of Sky Bet’s ‘Stick to Football’ - claiming that they were building an incredibly strong spine at one point to challenge United. Neville said: “I don’t think I was ever concerned about Liverpool winning the league during my time at United except for one point when you were getting better and better.

“You had [Jose] Reina, Carra, [Sami] Hyppia, [Javier] Mascherano, [Xabi] Alonso and you had [Steven] Gerrard and [Fernando] Torres - that was a level that I thought you were getting near, a little bit uncomfortable. And then it didn’t seem to kick on - I think Alonso left maybe? Then Mascherano. What happened at that point?”

“It’s quite simple”, Benitez began in response. “When I went to Liverpool they said in three years time we want to compete. Manchester United could go and spend £30m on one player - my budget in the first season was £20m. Six years later under Tom Hicks and George Gillett, it was £17m. Other teams could spend £60m/70m.

“[On Rick Parry and David Moores] They were great, but the budget was low because we didn’t have the money. The chairman was telling me we don’t have the money to compete against the likes of Chelsea or Man United. We tried to sign Stefan Jovetic for £16m, we had sales and I calculated the money and I went to the owners to ask to sign the player and they said ‘we don’t have the money’.

“I was signing Aaron Ramsey, he was playing for Cardiff, we made an offer £1.5m and bonuses, he was 17, when we were calling again for him Arsenal came in with £5m and bought him. Gareth Bale from Southampton, when he was 17, six months later Tottenham paid £8m for him so we couldn’t compete.”