Liverpool's owners admit transfer fees and salaries need handling with care after the club's latest accounts revealed a near-£12million rise in the wage bill.

Fenway Sports Group have bankrolled substantial investment since January 2011, although that has been heavily supplemented by the £50million sale of Fernando Torres to Chelsea. His departure also lightened the burden on the wage bill, but there remains work to be done and there appears a determination to keep a tight rein on spending.

In the club's accounts, officially published on Friday, the club identifies that area - among others - as being key in terms of 'principal risks and uncertainties'.

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