Oh dear, poor old Rafa has a weak squad and no money! Hahaha!
Rafa Benitez has been left devastated after being told he has just £1.5million to spend by his club's American owners.
The Liverpool manager has struggled against budget constraints all summer because of the financial crisis at Anfield, and revealed a week ago he was in talks to try and extend his kitty.
Benitez wants a centre half to provide cover in a crucial position, with Daniel Agger suffering from a back problem, and he also would love to sign a wide player who can also operate as a stand in striker.
But after talks with the Yanks, he has been told there is only a miserly sum available - which will not even buy one player, never mind the two he desires.
It has left the Liverpool searching frantically around for a loan signing before the transfer window closes at the end of August, and he has sounded out several targets.
His first choice was Ryan Shawcross, but Stoke have laughed off the suggestion that they would let a defender important to them go out on loan for an entire Premier League season.
Benitez has also enquired about the Real Madrid centre half Ezequiel Garay, and he may have more joy in that direction, with the Spanish giants ready to consider a further loan period for the 22 year old.
Liverpool's Spanish boss was actually in the market for Garay a year ago, but was beaten to the punch by Madrid, who snapped up the Argentina international for £10million, and promptly loaned him back to his former club Racing Santander.
That loan period was up in June, but with the Bernabeu side signing Valencia centre half Raul Albiol in the summer they have no room in the squad for Garay and will consider another loan.
That will suit Benitez perfectly, because he knows that the frankly insulting £1.5million will do little more than pay the loan fee for a year.
Liverpool have been thrust into a desperate financial situation because the American owners Tom Hicks and George Gillett have been hit by the worldwide credit crunch, which has reduced dramatically the value of their assets.
They were forced to go to the banks in July to extend loans they took out to buy the club for another year. Hicks and Gillett had extended their debt to around £360million, but were told by banks the RBS and Wachovia that it would have to be reduced.
The pair were asked to find around £60million, and that has come by cutting the Anfield transfer budget and diverting operating profits into repaying some of tyhe loans.
When Benitez negotiated a new contract back in April, he was offered guarantees that he would be given £20million to spend, plus the money from the sale of Robbie Keane to Spurs back in January.
That amounted to almost £38million, and the Spanish coach was also told that he could use any money he generated in the transfer market through sales.
But this summer he has raised more than £40million through the sale of Xabi Alonso, Sebastian Leto, Alvaro Arbeloa, Paul Anderson and Jack Hobbs.
Benitez has spent around £33million of that on signing Glen Johnson and the Italian midfielder Alberto Aquilani, who was a direct replacement for Alonso.
But it means he has made a PROFIT in the transfer market in a summer which was widely perceived to be a massive one in the history of the club, given how close they were to becoming genuine title contenders.
The Anfield boss believed that he needed two more quality signings to allow his side to make the final step to becoming Champions, but instead he will now have to shop in the bargain basement for just one more addition to his squad.
He has also enquired about taking the Portsmouth defender Sylvain Distin on loan, but was again met with near incredulity by the South coast club.
What will have angered Benitez most is that he was in a position to sign the Spain international winger David Silva from Valencia, but then had to pull out of the deal because he didn't have the money to meet the £17million asking price.
The Reds manager has so far refrained from speaking out about the apparent u-turn on their word by the American owners, but he is known privately to be angry about the situation, and may not be able to resist a reaction in the coming days.
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