Liverpool FC intends to "live within their means," and Owner John Henry has urged UEFA to "ensure their rivals do the same" by enforcing its Financial Fair Play Rules, according to James Pearce of the LIVERPOOL ECHO. If UEFA is not "going to clamp down," then Henry wants the EPL to "create its own penalties for clubs who sustain major financial losses." Henry said, “It is very important from our perspective that UEFA is successful in implementing Financial Fair Play. It is a key element. Are they determined to implement it? We don’t know. It doesn’t seem to be slowing down anywhere" (LIVERPOOL ECHO, 8/16). REUTERS' Alastair Himmer reported Henry said that Liverpool faces "a huge financial challenge to compete with the very best" as the club "continues to pay the price for the failings of the previous regime." Henry said, "The best analogy is that you can't turn an ocean liner around like you can turn a speedboat. When you look at the rivalry between Liverpool and Manchester United, Liverpool isn't holding up its side of the rivalry." He added, "That is the way it was with the [MLB Boston] Red Sox and the [N.Y.] Yankees. The Yankees were just completely dominant when we arrived. We knew we could never be on an equal footing financially with the Yankees. But we had to do everything in our power to get on a level footing with them on the playing field." Henry and Liverpool Chair Tom Werner said that transforming the club's fortunes will take time, with a squad "in need of strengthening and an inflated wage bill to reduce." Henry said, "We looked at how the situation was financially, with the player contracts and the youth system. The further we went into it, the more sobered we were" (REUTERS, 8/16).
