You'll have plenty to celebrate when you subscribe to the Liverpool FC newsletter Sign me up Thank you for subscribing We have more newsletters Show me See our privacy notice Invalid Email

Liverpool legend Steve Nicol insists if the club's owners sanction the sale of Philippe Coutinho to Barcelona it proves they are more interested in money than glory.

The former Scotland international says this is a “defining” spell for Fenway Sports Group and warned that if the Reds do sell the Brazilian it would be akin to raising “a white flag” for the coming season.

“Eventually somewhere down the line someone has to say that the good of the club is the most important thing,” Nicol told ESPN.

“When you bring your kids up and they start moaning, you don't just give in because it will make them feel better.

Video Loading Video Unavailable Click to play Tap to play The video will start in 8 Cancel Play now

“This is going to be a defining time for the Fenway group and their ownership. If Liverpool want to win the Premier League they are going to have to keep Coutinho. If they sell Coutinho they are going to have to start again.

“Liverpool fans are going to be absolutely distraught if Coutinho is allowed to go. If Liverpool turn around and say we let him go because he had made his mind up, he wasn't happy, don't give me that. It's nonsense.

“I want to hear that we want to have a chance of winning the Premier League and we're keeping our best players.

“If you sell him then get the white flags out. Somebody turn the lights out because it will be another 25 years before we win the Premier League.”

Barcelona are willing to pay in excess of £100million for Coutinho but Nicol says even an offer of that size shouldn't break Liverpool's resolve.

“I understand when Fenway Sports Group came in that Liverpool financially were not great,” he added.

“But they have sorted all that out. They are making plenty of money.

“Now surely the ambition of the club should be to at least challenge for the Premier League title and then step up and do something in the Champions League again.

“When you are selling your best player every time you get an offer for them that's not ever going to happen.

“How are they going to find somebody as good as him? What's the point of having money in the bank if you can't spend it?

“Supporters spend their hard earned money on jerseys and on following the team, if they (the owners) go and sell the best player it tells me as far as they are concerned it's about making sure the business is okay and forgetting the glory.

“If they sell Coutinho it doesn't look like they are interested in the glory.”