MANAGER: Rafael Benitez (June 2004)

MAJOR INS: Glen Johnson (Pompey, £17.5m), Alberto Aquilani (Roma, £20m)

MAJOR OUTS: Sebastian Leto (Pan'kos, £1.3m), Jermaine Pennant (Real Zaragoza), Alvaro Arbeloa (Real Madrid, £3.5m), Xabi Alonso (Real Madrid, £30m)

KEY MAN: Steven Gerrard (481 apps/119 gls)
Squad selector: Pick your Liverpool XI

LAST SEASON: 2nd

OUR VERDICT: 3rd. The Reds will again fall short - Alonso's exit is a major blow.
Watch Lawro's verdict on Liverpool