Liverpool’s owners have admitted that they “underestimated how poor” the squad was when they bought the club back in 2010 and have claimed that both Pepe Reina and Fernando Torres were “past their primes”, having watched the side just once before purchasing the Anfield outfit.

Fenway Sports Group, owners of Liverpool Football Club, have been forced to give evidence in a legal dispute between American firm Mill Financial, the Royal Bank of Scotland and the club’s former co-owner George Gillett.

Mill Financial have opened legal proceedings against RBS and Gillett after he and co-owner Tom Hicks were unable to repay a £280m loan following the sale of the club in October 2010, with FSG – then named New England Sports Ventures – took full control of the club.

While current Liverpool owner John W Henry declined to attend, FSG’s former general counsel Edward Weiss attended and answered questions relating to the purchase of the club over five years ago.

Addressing the quality of the club when they took over, Weiss said: “Like trying to catch a knife falling off the table, you’re not sure where before it’s hit the ground you’ve caught it.

“You know, I think we underestimated how poor the playing quality of the squad was, and frankly, we underestimated how difficult it was going to be to stabilise the asset. We were overconfident in assuming that many of the things that we had done in Boston at Fenway would translate naturally to the Premier League and they just didn’t all translate.”

Liverpool vs Man City player ratings Show all 23 1 /23 Liverpool vs Man City player ratings Liverpool vs Man City player ratings Simon Mignolet - 5 out of 10 Having made an excellent save from Aguero in the first half, the often-criticised Liverpool goalkeeper was badly at fault for the opening goal, allowing Fernandinho to find the back of the net despite a tight angle. Made up for it somewhat with some crucial interventions late in the game and a particularly good stop from Aguero in extra-time. 2016 Liverpool FC Liverpool vs Man City player ratings Nathaniel Clyne - 6 out of 10 Found Sterling a nuisance all afternoon and when he fouled the Man City winger for a third time, ended up in the book. Was a useful asset going forward. Liverpool vs Man City player ratings Lucas - 6 out of 10 Made a dirty challenge on Aguero that on another day might have led to a red card - yet remarkably the Brazilian escaped without so much as a booking. Considering he's naturally a midfielder, Lucas did pretty well at the back in the first period but things got the better of him in the second with Man City's world-class talent exposing him. Booked. 2016 Liverpool FC Liverpool vs Man City player ratings Mamadou Sakho - 4 out of 10 Reluctantly replaced after 25 minutes soon after a clash of heads with Can. Looked uncertain before the head injury, even more so after it with Aguero nearly capitalising on the Frenchman's unsure footing. 2016 Getty Images Liverpool vs Man City player ratings Alberto Moreno - 3 out of 10 Unbelievably lucky not to concede a penalty when after being wrong footed by Aguero he stuck out a leg to trip the Argentinian in the box. In addition lost possession in decent positions and failed to make as much of a dent when going forward as Clyne on the opposite wing. Sacrificed by Klopp for Lallana with 20 minutes to go and Liverpool needing a goal. Booked. Getty Liverpool vs Man City player ratings James Milner - 4 out of 10 Up against his former employers Milner did little but stand in an offside position when Liverpool were looking at their most dangerous. While his effort can never be questioned, his quality can and in this match his lack of it showed, particularly when his header back to Mignolet was nearly converted into a Man City goal by Aguero. Liverpool vs Man City player ratings Jordan Henderson - 5 out of 10 Showed some metal in midfield but the Liverpool captain just lacks that killer pass and influence to turn a final the way his predeccessor with the armband Steven Gerrard could. Getty Liverpool vs Man City player ratings Emre Can - 4 out of 10 Came off the better in the clash of heads with Sakho but not so well in the midfield battle with Man City. Ineffective for the most part. Booked. 2016 Liverpool FC Liverpool vs Man City player ratings Philippe Coutinho - 7 out of 10 The Brazilian is arguably Liverpool's greatest asset when it comes to match-turning moments and he proved it when keeping calm to put Liverpool back on level terms. But overall he was given few opportunities to settle on the ball and make an impact. Booked. 2016 Getty Images Liverpool vs Man City player ratings Roberto Firmino - 5 out of 10 Largely anonymous, much in part due to Man City's excellent defensive work in midfield. Liverpool vs Man City player ratings Daniel Sturridge - 6 out of 10 The England international was forced to start dropping deep in search of the ball due to the lack of service. Showed his quality with his link-up play around Man City's penalty area but frustratingly for him didn't get on the ball where he could have made an impact on the score-sheet. 2016 Liverpool FC Liverpool vs Man City player ratings Kolo Toure - 8 out of 10 Having been called into action much earlier than expected Toure performed tremendously well at the back. The moment he took the ball from younger brother Yaya was particularly notable. Getty Liverpool vs Man City player ratings Willy Caballero - 8 out of 10 Without question Manuel Pellegrini made the right call when he opted to stick by Joe Hart's understudy for the final. Got off his line quickly when needed and held onto the ball when others may have spilled it during the game, but made his greatest contribution in the shoot-out with saves from Lucas, Coutinho and Lallana. Liverpool vs Man City player ratings Bacary Sagna - 6 out of 10 The former Arsenal man showed his ability to whip in a dangerous cross and was sound at the back as Moreno and Coutinho were limited when attacking down the left. Replaced at start of extra-time. Liverpool vs Man City player ratings Vincent Kompany - 6 out of 10 Stepped out when needed to and brought that sense of assurance that inexplicably only he appears to be able to bring to Manchester City's defence. Booked. 2016 Getty Images Liverpool vs Man City player ratings Nicolas Otamendi - 7 out of 10 A rock at the back, putting pressure on Milner when the Liverpool midfielder looked like he might score and getting his head on anything that came his way. Booked in extra-time. 2016 Getty Images Liverpool vs Man City player ratings Gael Clichy - 5 out of 10 His crossing was nowhere near the standard shown on the other wing by Sagna but defensively did a decent job. Liverpool vs Man City player ratings Yaya Toure - 5 out of 10 Fernando gave Toure licence to get forward but the Ivory Coast international declined to take up the invitation and was one of Manchester City's less influential players. 2016 Getty Images Liverpool vs Man City player ratings Fernando - 8 out of 10 The stand-out player in midfield, keeping Coutinho and Firmino in check through his brilliant reading of the game and fierce tackling and intimidation. Understandably booked. Liverpool vs Man City player ratings Fernandinho - 8 out of 10 Considering he tends to play centrally, Fernandinho looked at home on the right of midfield and was rewarded with a goal from his fierce low drive from a tight angle. At the other end, was fortunate a foul on Sturridge was just outside the box in the first period. Replaced at start of extra-time. 2016 Getty Images Liverpool vs Man City player ratings David Silva - 7 out of 10 The Spaniard just oozes quality and his rapid quick-thinking link-up play a joy to watch throughout the afternoon. Replaced in extra-time with Bony. 2016 Liverpool FC Liverpool vs Man City player ratings Raheem Sterling - 5 out of 10 The £49m summer signing may have felt he had something to prove to his former employers, and certainly the fans who mercilessly booed him throughout due to his acrimonious departure from Anfield. He was a constant menace on the left wing and drew foul after foul. However he was culpable of a truly dreadful miss when the match was at 1-0 which probably would have seen City claim the trophy in the 90 minutes. 2016 Getty Images Liverpool vs Man City player ratings Sergio Aguero - 7 out of 10 As is usual, looks a cut above just about everyone else on the field. Set up Fernandinho's opening goal with a perfectly weighted pass and was only denied a goal of his own in the first period by a brilliant Mignolet save. Should also have been awarded a penalty when Moreno blatantly fouled him after being outwitted.

Weiss went on to admit that the club’s leading players at the time were no longer the players they once were, with striker Torres and goalkeeper Reina singled out for particular criticism.

“We obviously did some due diligence on the playing squad during this process before we closed on the transaction in the middle of October of 2010,” said Weiss, as he admitted that FSG watched just one Liverpool match before purchasing the club.

“What we came to know was that the playing squad was poor.”

He added: “While we had a few top players like Steven Gerrard, other players like Fernando Torres and Pepe Reina were probably beyond their primes, and Javier Mascherano was not even on the team.”

Fernando Torres and Steven Gerrard in action for Liverpool back in 2010 (Getty Images)

Liverpool are expected to go through something of a squad revamp this summer, with manager Jurgen Klopp ready to put his own touch on the side he inherited from Brendan Rodgers in October.