Mark Lawrenson has urged Liverpool's owners to back manager Brendan Rodgers heavily in the transfer market to help the club return to the Champions League next season.
The Reds invested the money they received for Luis Suarez's sale to Barcelona on several players such as Mario Balotelli and Lazar Markovic, although both struggled immensely in their first seasons at Anfield.
Liverpool legend Lawrenson has insisted that Rodgers has to be given the funds to sign Champions League-quality players to ensure that he can guide his team to a top-four finish in the Premier League in the next campaign.
He told the Liverpool Echo: "If we can get Mario Balotelli and Fabio Borini out of the door for decent money, and maybe move on a couple of other players, it could give us some leeway to bring in a couple of big-hitters.
"But I'm not sure. Now is a test for Fenway Sports Group. If they demand the club be in the Champions League, then they have to start bringing in Champions League-quality players.
"And while you can get the odd Milner for nothing, most of those players are going to cost money."
Liverpool have already signed James Milner, Danny Ings and Adam Bogdan on free transfers this summer.
