Brendan Rodgers has vowed to improve Liverpool's league position despite having a fraction of Kenny Dalglish's budget.
Rodgers has acknowledged he has a difficult task following in the footsteps of Dalglish, who still has iconic status at Anfield despite being sacked as Liverpool manager in May after spending £120 million in guiding the club to eighth place in the Premier League, their lowest finish since 1994.
Winning the League Cup and reaching the FA Cup final was not enough to convince principal owner John W Henry and chairman Tom Werner to retain his services, but Rodgers is full of admiration for Dalglish, who won eight league titles and three European Cups during his first stint at Anfield between 1977 and 1991, first as player and then as manager.
And the former Swansea boss feels that he can take Liverpool back towards the top four, and maybe eventually turn them back into serious Premier League title contenders.
He said: "The biggest challenge is to keep improving. That's the biggest challenge of all. Everyone wants to win trophies and titles. That's why you come to a club like this.
"The main objective this year is to show improvement and gain stability within the club. These are the challenges that lie ahead for us. It's been traumatic here over the last few years. Kenny Dalglish is an icon of this club, and some great people have worked here. It's my job to follow in their footsteps and try to get the tradition of this great club back on track.
"Obviously I want to make the team successful on the field as well. The challenges are great and the pressures at this level are great. But as a job, I'm loving every second of it. Every day, it's a privilege to drive in and be the manager of Liverpool, and I hope that continues."
So far, Rodgers has brought in midfielder Joe Allen from Swansea for £15 million and striker Fabio Borini for £8 million. But he has also allowed a number of players - including Craig Bellamy, Dirk Kuyt and Maxi Rodriguez - to leave as he tries to balance his budget.
He added: "The reality is that we didn't have the money this year. That's the reality of it. There's a certain budget that we've had to work within. And even to get those one or two players in, we've had to move one or two out. That was the way it was.
"It's not something that worries me or frustrates me. It's the real world that we're in here. And now we've just got to make sure that we're effective with the players that we bring in, and that they can make a difference to us."