Throw in failure to qualify for this season's Champions League, a squad lacking in quality and doubts about the proposed new stadium in nearby Stanley Park, and New England Sports Ventures have their work cut out.
New owner John W Henry, proprietor of Major League Baseball's Boston Red Sox, assured fans on Friday that he would "do what is necessary" to get back to the top but the climb to the summit of English football promises to be long and arduous.
Q - Is manager Roy Hodgson's job safe?
A - The vastly experienced Englishman was recruited as a safe pair of hands in the wake of Rafael Benitez's departure but so far there is no sign of a new dawn at Anfield.
Henry, given the credit for rebuilding the Red Sox, will know that an instant turnaround is unlikely and will be under pressure to provide transfer funds. Chairman Martin Broughton was responsible for bringing Hodgson to Anfield and he has the board's backing but Henry will want to see a big improvement in the next two months.
Q - Will NESV wipe out all Liverpool's debts?
A - The fans' main gripe is that most of the their hard-earned ticket money has simply been servicing the loans Gillett and Hicks took out to buy the club.
Henry has yet to talk figures on what Hodgson can expect and there is also a huge difference between the way players are bought and sold in American baseball and the English Premier League. Henry will soon find out Liverpool's name alone will not entice players to Anfield and big sums will be required.
