Liverpool owners 'underestimated how poor squad was' when buying club in 2010... with Fernando Torres and Pepe Reina slammed as 'past their prime'

Liverpool owners Fenway Sports Group 'underestimated how poor' the quality of the squad was when taking over in 2010 ‒ with Fernando Torres and Pepe Reina slammed as 'beyond their prime'.

A long-running legal dispute between Mill Financial, the Royal Bank of Scotland and the club's former co-owner George Gillett has forced FSG into giving evidence.

Legal proceedings against RBS and Gillett were opened by American firm Mill Financial after the former co-owner and business partner Tom Hicks were unable to repay a £280million loan when FSG replaced them as owners in 2010.

Liverpool owner John W Henry (left) and chairman Tom Werner (right) watch a training session this season

Fenway Sports Group 'underestimated how poor' the quality of squad was when taking over the club in 2010

According to Edward Weiss, FSG's former general counsel, the quality of the squad was 'poor' in 2010

Current Reds owner John W Henry did not attend but Edward Weiss, FSG's former general counsel, was in attendance and he revealed the team's lack of quality on the pitch at the time of the takeover.

Speaking at the hearing in New York, 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.'

At the time of their takeover, Liverpool had the likes of Steven Gerrard, Jamie Carragher and Dirk Kuyt all starring for the Premier League giants.

However, Weiss ‒ who revealed FSG watched just one Liverpool match before buying the club ‒ also admitted that a number of their leading names were all beyond their prime and singled out Spanish pair Torres and Reina for criticism.

Weiss singled out criticism for former Liverpool striker Fernando Torres (pictured in September 2010)

Ex-goalkeeper Pepe Reina, who made a calamitous error in 1-1 draw with Arsenal in 2010, was also criticised

Javier Mascherano, who has gone on to star for Spanish giants Barcelona, was also discussed by Weiss

'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,' he added.

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

'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.' 

Liverpool players cut dejected figures after Reina's mistake gifted the Gunners a draw at Anfield

Chairman Werner, Linda Pizzuti - the wife of Henry - and the Liverpool owner in the stands at Anfield in 2010

Weiss also revealed the club's owners attended just one match in due diligence before going ahead with their takeover, which was confirmed in October 2010.

'In due diligence we attended one match,' he added. 'It was an important - it was important for us to see a Liverpool match.

'Most of us had never been to a Premier League match, so it was going to be hard to recommend to our investor group that we buy a football club without ever having been to one.

'The one we saw was less than thrilling. It was a near no match.'

After completing their takeover in October 2010, FSG-owned Liverpool signed Luis Suarez in January 2011

Former Liverpool co-owner George Gillett (right) and business parter Tom Hicks at Anfield in 2009