Liverpool owners 'underestimated how poor' the playing squad was and criticise Fernando Torres and Pepe Reina

Former FSG general counsel Edward Weiss believes that both Torres and Reina were "past their prime" and reveals that they only watched one match before purchasing the club

Liverpool part owners John W Henry and Tom Werner watch a training session at Melwood (Getty Images)

Liverpool’s owners have admitted that they “underestimated how poor” the squad was when they bought the club back in 2010 and have claimed that both Pepe Reina and Fernando Torres were “past their primes”, having watched the side just once before purchasing the Anfield outfit.

Fenway Sports Group, owners of Liverpool Football Club, have been forced to give evidence in a legal dispute between American firm Mill Financial, the Royal Bank of Scotland and the club’s former co-owner George Gillett.

Mill Financial have opened legal proceedings against RBS and Gillett after he and co-owner Tom Hicks were unable to repay a £280m loan following the sale of the club in October 2010, with FSG – then named New England Sports Ventures – took full control of the club.

While current Liverpool owner John W Henry declined to attend, FSG’s former general counsel Edward Weiss attended and answered questions relating to the purchase of the club over five years ago.

Addressing the quality of the club when they took over, Weiss said: “Like trying to catch a knife falling off the table, you’re not sure where before it’s hit the ground you’ve caught it.

“You know, I think we underestimated how poor the playing quality of the squad was, and frankly, we underestimated how difficult it was going to be to stabilise the asset. We were overconfident in assuming that many of the things that we had done in Boston at Fenway would translate naturally to the Premier League and they just didn’t all translate.”

Weiss went on to admit that the club’s leading players at the time were no longer the players they once were, with striker Torres and goalkeeper Reina singled out for particular criticism.

“We obviously did some due diligence on the playing squad during this process before we closed on the transaction in the middle of October of 2010,” said Weiss, as he admitted that FSG watched just one Liverpool match before purchasing the club.

“What we came to know was that the playing squad was poor.”

He added: “While we had a few top players like Steven Gerrard, other players like Fernando Torres and Pepe Reina were probably beyond their primes, and Javier Mascherano was not even on the team.”

Fernando Torres and Steven Gerrard in action for Liverpool back in 2010 (Getty Images)

Liverpool are expected to go through something of a squad revamp this summer, with manager Jurgen Klopp ready to put his own touch on the side he inherited from Brendan Rodgers in October.

Marko Grujic and Joel Matip have already agreed deals to join the club in the summer, while the futures of Christian Benteke, Simon Mignolet and Adam Bogdan are all in serious doubt following their below-par performances this season.