Liverpool's dealings in the transfer market this summer cannot be deemed a failure, insists the Premier League club's American owner John W Henry.
In an open letter to fans of the Anfield club, the Fenway Sports Group chief stressed his desire to continue backing the new project under recently-appointed manager Brendan Rodgers, and said that whilst frustrations are apparent, the team is heading in the right direction.
"A summer window which brought in three young, but significantly talented starters in Joe Allen, Nuri Sahin and Fabio Borini as well as two exciting young potential stars of the future - Samed Yesil and Oussama Assaidi - could hardly be deemed a failure as we build for the future," explained Henry. "Nor should anyone minimise the importance of keeping our best players during this window.
"We successfully retained Daniel Agger, Martin Skrtel and Luis Suarez. We greatly appreciate their faith and belief in the club. And we successfully negotiated new, long-term contracts with Luis and with Martin."
One particular source of frustration for Reds fans was the club's inability to strengthen their forward ranks, particularly after letting Andy Carroll leave Anfield for West Ham on loan.
"I am as disappointed as anyone connected with Liverpool Football Club that we were unable to add further to our strike force in this summer transfer window, but that was not through any lack of desire or effort on the part of all of those involved," he added.
"They pushed hard in the final days of the transfer window on a number of forward targets and it is unfortunate that on this occasion we were unable to conclude acceptable deals to bring those targets in."
Henry also moved to defend Liverpool's revised transfer policy, which, in some quarters has been perceived to be a negative one. However, the owner reiterated his desire to protect the long-term future of the club.
"The transfer policy was not about cutting costs. It was - and will be in the future - about getting maximum value for what is spent so that we can build quality and depth.
"Spending is not merely about buying talent. Our ambitions do not lie in cementing a mid-table place with expensive, short-term quick fixes that will only contribute for a couple of years.
"Our emphasis will be on developing our own players using the skills of an increasingly impressive coaching team. Much thought and investment already have gone into developing a self-sustaining pool of youngsters imbued in the club's traditions."
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