Liverpool boss Rafa Benitez has revealed that one of the most important things the Reds had to do last summer was sort out its finances.

It's no seceret that Liverpool are struggling this season having been eliminated in the UEFA Champions League at the very first hurdle. They also currently languish in seventh place in the Premier League table after a dour start to the new campaign.

Despite signing Italian midfielder Alberto Aquilani in the summer, as well as full-back Glen Johnson from AS Roma and Portsmouth respectively, the Reds have been struggling to balance the books and were forced to sell star midfielder Xabi Alonso to Real Madrid in order to generate some much needed capital.

Speaking before his sides crucial match with Arsenal at Anfield, Liverpool coach Rafa Benitez has revealed that it was vital that the club reduce its burden of debt over the summer or they would have risked being plunged into deeper financial turmoil.

"I don't see Liverpool in the same way as Leeds," he was quoted as saying by Sky Sports.

"One of the priorities this year was to reduce the debt, so the club is working very hard to do this and I think that our position will be much better. We were doing a very good job this year trying to reduce the debt.

"It was one of the most important things that we had to manage. Along with football issues we had to manage them together.

"When I signed my five-year contract [in March] we knew that we had to work together so we will try to do the best for the club,” he stressed.

The Spaniard also reiterated that his main priorities lie in improving on-field matters, but that the clubs financial situation was also a prime concern of his.

"Sometimes you can do it and still perform on the pitch and sometimes you have to wait a little bit. Sometimes you have to think about the big picture and the future of the club and that means you have to do your best on both sides,” he said.

"I think that we have to accept our situation and then try to do the best in the conditions that we have.

"Can we improve with these conditions? I think so, but it is a question of time."