Newcastle boss Rafa Benitez has claimed that he was unable to win the Premier League while at Liverpool because the "board didn't have the money."
The Spaniard led the club to their fifth Champions League title, but was unable to bring domestic success in his six seasons in charge.
And he has admitted that Liverpool, then led by chairman David Moores and chief executive Rick Parry, could not match the financial clout of their rivals.
"They were people who really understood football," Benitez said, quoted by the Daily Mail.
"Unfortunately that board didn't have the money to compete against the top sides and had to sell. The new owners ran it more as a business than a football club."
He added: "When I arrived at Liverpool the budget was £20m gross. When I left, it was £17m, but people still said I must win the title.
"Manchester United had around £50m more every year and then came Chelsea so you were up against massive clubs with massive amounts of money."
Benitez: "When I arrived at Liverpool the budget was £20m gross. When I left, it was £17m, but people still said I must win the title."— Anfield HQ (@AnfieldHQ) September 30, 2017
Benitez has looked to temper expectations at Newcastle this season after promotion from the Championship last campaign.
The Magpies currently sit in ninth place after last weekend's 1-0 defeat against Brighton and Hove Albion, and Benitez has not ruled out the possibility of silverware.
"Can we win trophies?" he said. "Yes, for sure. It depends on a lot of things but in a cup competition, it can happen."
Benitez will be given the opportunity to beat his former club in Sunday's clash against Liverpool at St James' Park.