Liverpool are moving in the right direction off the pitch despite facing a UEFA investigation over possible financial fair play breaches, the club's chief commercial officer has told ESPN FC.
Billy Hogan says the Reds have made "phenomenal" progress financially in the four years since Boston-based owners Fenway Sports Group took charge.
Hogan is to head up the club's new London office, the opening of which was announced this week, which has been set up with the intention of strengthening Liverpool's ability to secure commercial investment.
UEFA's investigation was sparked after the club posted total losses of 90.3 million pounds for the 22 months up to May 31, 2013 -- well beyond the allowed limit of 45 million euros, which is currently equivalent to around 35 million pounds.
Regardless of the outcome of that investigation, though, Hogan is confident the club is on the path towards becoming self-sustainable after running into serious financial trouble under previous owners Tom Hicks and George Gillett.
Hogan, a Fenway employee for eight years before joining Liverpool full-time in 2012, told ESPN FC: "I think the club is moving in the right direction financially. That's the reason why we are opening the London office.
"From our perspective, this is an opportunity to take advantage of the markets that are out there by setting up in one of the largest financial cities in the world.
"We are talking to potential partners about sponsorship arrangements, and having a London office is an important step in that direction.
"If you go back, I was part of the team from Fenway Sports Group that looked at Liverpool as an opportunity in 2010. It's now almost four years to the day since Fenway came in.
"When Fenway acquired Liverpool, the club were days away from administration. The strides we've made since then have been phenomenal.
"The club have made great progress from where we were then to where we are today. On the commercial side, the opening of the London office is an example of that."
Liverpool's most recent accounts, published in March, showed a loss of 49.8 million pounds during the 12 months to May 31, 2013.
But chief executive Ian Ayre pointed out at the time that commercial revenues and turnover were rising, and that the Reds have signed nine new sponsorship deals since May 2013, which will be reflected in the 2013-14 accounts, likely to be published in spring 2015.
Hogan feels that is a sign that the club's commercial efforts are working -- but acknowledges that his work must be geared towards helping manager Brendan Rodgers produce a successful team on the pitch.
He said: "Brendan has mentioned the idea of a one-club mentality, where everyone is pushing for the same aims.
"Our ownership at Fenway is based ultimately on putting successful teams on the pitch, but in a sustainable way. It's important to balance the commercial side with the football side.
"The ultimate aim is to compete both on and off the pitch. We want to win on and off the pitch.
"When you go back four years and think about the level of transition that's happened, we've come a long way. There's a tremendous feeling of optimism now."
Hogan insists that he has not come under any added pressure to increase revenue streams in the light of UEFA's financial fair play investigation.
He said: "Financial fair play is something we're supportive of. In terms of whether that puts extra pressure on the commercial side of the club, the answer is that we put enough pressure on ourselves.
"I've always been involved on the revenue side during my time working in sport, and I'm very aware of the need to balance success on and off the pitch.
"We're always under a tremendous amount of pressure, but that's not a result of financial fair play."
He added: "This has been not only one of the largest challenges I've faced, but also one of the most exciting things I've been part of. Liverpool fans feel that Fenway are doing a great job with their stewardship.
"I've worked with Fenway Sports Group for 11 years. It's a tremendous organisation, and I work with great people. What we have now is an incredible opportunity.
"What we want is to continue the momentum that we have built up over the last few years. The commercial side of the club needs to continue to grow. That will then help the club in other areas.
"We also want to continue to grow closer to our fan base."