No City-style spending for Reds

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Liverpool co-owner Tom Hicks insists the Reds will continue to operate as a "smart club" and will never be tempted into an "unsustainable" spending spree such as that conducted by Manchester City.

Hicks also revealed Liverpool expect to rake in £26million plus on sponsorship revenue in a year.

Hicks told The Times: "You have to look 'cash flow' rather than accounting - and we intend to operate Liverpool where it has a very strong positive cash flow, so we have the resources to be as competitive as possible on the pitch. That's our commitment."

He added: "We had strong, positive cash flows last year. Our debt levels are at a very comfortable level, and we are going to continue bringing it down.

"Our goal is to have less debt than any of the top clubs, and that's a commitment we have made and will continue to make."

Hicks is dubious about City's huge outlay on signings, which has been made possible over the past year by the the vast wealth of their Abu Dhabi owners.

He said: "It's not sustainable at City. They won't continue to invest like that, because it doesn't make good economic sense.

"They will make the improvements they need to make and then run it more like a business. The smart clubs operate for the long term, and you have to look at who have had success for many years."

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