John Henry: Liverpool struggling from previous owners

Liverpool owner John Henry says the club is still struggling financially to compete with its rivals because of issues inherited from previous American owners Tom Hicks and George Gillett Jr.

Henry told the Liverpool Echo that "when you look at the rivalry between Liverpool and Manchester United, Liverpool isn't holding up its side" and "looking back at the day we bought Liverpool ... we had a lack of depth in the squad and some high payrolls."

Liverpool are facing their third season away from the lucrative Champions League but Henry's investment company Fenway Sports Group has made financial gains off the pitch since taking control in October 2010.

American athletic apparel company Warrior signed a six-year deal to produce Liverpool jerseys, reportedly worth 25 million pounds ($39 million) a year.