1. Convince Gerrard, Carragher, Torres and Mascherano to stay at Anfield

Only one piece of Liverpool's uncertain future was resolved yesterday, and Hodgson showed where the next priority lies by heading off to meet Steven Gerrard and Jamie Carragher as soon as his public unveiling at Anfield was over. Calls to Fernando Torres and Javier Mascherano will soon follow. Hodgson injected refreshing honesty, reason and a keen sense of Liverpool's history and potential into his first press conference as manager, all of which should appeal to the stellar names who have grown tired not only at the lack of investment in top players, but the broken promises from the Anfield hierarchy.

What he cannot offer to Gerrard, Torres et al, however, is the assurance that the club has the means to compete for major prizes. "It is not words Stevie wants; it's actions," he said. "He wants to see other players of his quality being signed by the club and, of course, he is wise enough to know that I cannot give him that guarantee and he wouldn't respect me if I was trying to give him some line of bullshit that he would see through."

2. Reconstruct the squad by making at least five summer signings

Hodgson may want Brede Hangeland at Anfield and, as Liverpool's defending at set pieces last season testified, he does need a defender who is commanding in the air, but he discounted talk of exploiting any fallout at his old club bysigning the Norwegian. "I had a wonderful time at Fulham and I made clear to the chairman here that I don't want to raid Fulham Football Club because that wouldn't be the correct thing to do." A classy, dignified touch. But there is plenty of reconstruction required even if the celebrated spine of the Liverpool team remains. A left-back, centre-half, wide midfielders and quality support and/or cover for Torres are needed to improve the seventh best team in the Premier League last season. There is plenty of excess in an overblown Liverpool squad to improve Hodgson's modest transfer budget, although there are no guarantees he will get every penny should he manage to sell the likes of Albert Riera, Ryan Babel and Philipp Degen this summer.

3. Deal with the financial and ownership problems

Just about every facet of life at Liverpool since Tom Hicks and George Gillett saddled the club with mountainous debt, is shaped by the Americans' dysfunctional ownership. There is, as Hodgson appeared surprised to discover, no escape from that depressing reality. "It's disappointing when, on your first day as Liverpool manager, financial matters take precedence over football matters," said. There was grist to the mill of those who argue Hodgson has been appointed to spare the Liverpool hierarchy the scrutiny and criticism that was such a part of Rafael Benítez's final years in charge. "The ownership issue will be above my head at all times and is not something that particularly bothers me," he said. While chairman Martin Broughton admitted: "We need somebody to steady the ship at this stage." Hodgson accepted he could lose his job in the event of a takeover, but believes his abilities should render a change unnecessary.

4. Establish a working relationship with Dalglish and decide on his staff

Kenny Dalglish told the Liverpool board he wanted the manager's job, having been asked to oversee the process with the managing director, Christian Purslow, on the basis that he was the best qualified man for the post. Broughton issued what, to a man of Dalglish's standing, appeared a public rebuke. "Kenny wanted the job but he was never a candidate," the chairman said. Hodgson had no problems with the fans' favourite working in the background and offering him a new title of Head of Football Development, and Dalglish has publicly backed the manager. "I look very favourably on the appointment," he told the Daily Mail. "I have known Roy a long time and have a great respect for him. We've not had detailed conversations yet but my interests are in Liverpool." Hodgson was unable to provide assurances that Sammy Lee, the assistant manager under Benítez, would remain. "The backroom staff is something we will think about over the next few days," he said, although there was confirmation that the chief scout, Eduardo Maciá, will stay.

5. Keep the supporters onside – which means building a successful team

Liverpool supporters are, roughly speaking, divided between those who fear Hodgson will say nothing while the club is asset-stripped and those who believe his calm, dignified stature makes him the ideal appointment in troubled times. All, however, will give the new man their support when Arsenal arrive at Anfield on the opening day of the season. "I don't know what the reaction will be," Hodgson said. "But the Liverpool fans have always backed the manager, the club and the team and I don't see why I shouldn't expect a good reception." Supporters' ire is currently directed at Purslow. The man Benítez identified as being behind his departure was the subject of graffiti found on Anfield's walls this morning. Reaction to Hodgson's press conference yesterday has been overwhelmingly positive but, as he said himself of Gerrard's situation, it is actions, not words, that count.