Liverpool bosses play the long game Liverpool fans are like any others who support big Premier League teams. They want the impossible - instant success on the one hand, and a sensible, well-run club on the other. In the business of football, these two are plainly incompatible. The club's principal owner, hedge fund investor John W Henry, said as much in an open letter at the start of last season addressing fans" disenchantment at its failure to attract top players last summer. We will invest to succeed. But we will not mortgage the future with risky spending," he wrote in September. As Liverpool prepares for a preseason tour of Australia and Asia, Mr Henry and managing director Ian Ayre hope the message of prudent, long-term planning is sinking in with the fans of one of the world's most famous clubs. They miss the familiarity of success. Its website's masthead boasts of winning 18 league titles and five European Cups. But the club has failed to qualify for the Uefa Champions League since 2009 and will miss out on European competition altogether this season, for only the second time in 14 years. Mr Ayre calls for realism. "We are in a kind of virtuous circle," he told the FT. The more revenue we can generate, the more we can invest in our team. For the time being, Liverpool needs to do more of the former and less of the latter. Mr Henry's Fenway Sports Group, which also owns the Boston Red Sox, embarked on a spending spree on new players after buying the club in October 2010, notably paying £35m for striker Andy Carroll. As a result Liverpool made a pre-tax loss of £40.5m on declining turnover of £169m in the 10 months to June 2012, and its debts rose to £87.2m. The club is once again buying new players, but without the recklessness of the past. Barely a week into this summer's transfer window, four players have been bought for a combination of no more than £25m, and the club has cut its losses with Mr Carroll, selling him to West Ham United for £15m. "We've been active in the transfer market, but we've seen some great comments about how wisely we've spent," said Mr Ayre. There will be no repeat of the frantic and failed deadline-day attempts to land a top striker, which left fans so disgruntled. Mr Ayre is already talking about Liverpool having "achieved much of our objectives." Mr Ayre said he was pleased with financial progress. The Premier League's new agreement on salary restraints could also help tackle the club's wage bill, which the previous season took up 70 per cent of revenues. But Mr Ayre is a sceptic about Uefa's financial fair play controls, designed to make clubs live within their means. There are some questionable sponsorship deals that have appeared in the market. It's clearly people just trying to get around [the rules]. You'd like to see a sport where you're supposed to compete and have a bit of respect about it," Mr Ayre said. Liverpool's own sponsorship deals look healthier. Shirt and kit deals with Standard Chartered and Warrior Sports contribute to a total commercial income beaten only by rivals Manchester United in the Premier League. Mr Ayre would like more regional sponsorship deals from around the world, something that Manchester United has been milking. Liverpool's illustrious history gives it a substantial global following, and the club is investing in social media to engage with them. But he added: "It's important not to draw as much money out of fans as soon as possible. Of course we are a commercial organisation and will want to generate revenues. But there is a longer play by having a very deep relationship with your fan base. The rewards will be at a greater level when we have more success on the pitch. Will it arrive before or after Liverpool expands its Anfield stadium? For a decade, the club has toyed with one scheme after another to increase capacity and thereby increase match day revenues, including sharing a new venue with neighbours Everton. The latest plan, part of a £230m redevelopment led by Liverpool city council unveiled last month, has no timeframe, nor a cost. "The problem is people come knocking on your door the day after you set a deadline," said Mr Ayre. On many levels, Liverpool's fans will simply need to be patient.