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Liverpool FC are set to submit a planning application for the proposed £150million redevelopment of Anfield before the start of next season.

The ECHO understands just ‘a handful’ of around 90 houses which need to be demolished to make way for the ambitious expansion plans have yet to be purchased.

Since the Reds announced last October their intention to stay at Anfield rather than build a new stadium in Stanley Park, Liverpool City Council and social housing developer Your Housing Group have led negotiations with residents.

Significant progress has now been made and Liverpool hope the remaining properties will be acquired over the next two months.

Once that has been achieved they will enter the planning process as they seek permission to push on with the refurbishment which will see the Main Stand and Anfield Road end expanded to increase the ground's capacity to around 60,000.

Reds managing director Ian Ayre said: “We are in an interesting period in terms of our aspirations around the stadium.

“Our goal is to extend Anfield. But we need certainty and that comes with the acquisition of properties.

“Real progress has been made in acquiring them. Once they have all been acquired we will go through the planning process. We would expect to be in a position to make that a certainty this summer. Once planning has been achieved then we can start construction.”

Ayre believes a redeveloped Anfield is vital to Liverpool’s hopes of competing financially with the Premier League’s elite.

“There are three core revenue streams – media, commercial and matchday,” he added.

“Our media and commercial revenues are very impressive but where we fall behind is our matchday revenues. Having a bigger stadium and playing in the Champions League are two mechanisms which would dramatically change our fortunes. We’re determined to press on with the stadium solution. It’s in the hands of other people but hopefully we will get there and deliver what our fans want.”

Liverpool owners Fenway Sports Group have been vocal advocates of Financial Fair Play (FFP) which seeks to ensure clubs live within their means.

UEFA’s rules, which come into full effect in 2013/14, state that clubs must break even over a three-year period or face exclusion from European competitions.

The Premier League have also brought in their own set of regulations from next season.

Ayre believes if the rules are enforced correctly then Liverpool are well placed to flourish over the coming years. We are very supportive of FFP for a number of reasons,” he said. “One is we believe you should only spend what you earn. We want there to be as level a playing field as possible.

“We are in a very fortunate position in that we generate some of the biggest revenues in football despite having not been as successful on the pitch as we would have liked in recent years.

“We also have a huge fan base around the world. We’ve sold 100,000 tickets at the MCG in Australia this summer and there has been a similar demand for tickets for the other pre-season tour matches in Jakarta and Bangkok. That bodes well in an FFP environment. The real challenge for UEFA is to ensure the rules are applied correctly. It’s only going to work effectively if there are sanctions for those who don’t abide by them.”

* LFC first unveiled plans for a new stadium in the year 2000 - below is a timeline of the story so far