Liverpool's principal owner John W Henry has declared he is fully committed to the club despite the failure to bring in a replacement striker for Andy Carroll before the close of the transfer window.
In an open letter to fans, Henry has backed manager Brendan Rodgers and dismissed claims that the transfer policy at Anfield is about cutting costs, but he did acknowledge that owners Fenway Sports Group had made mistakes in a "difficult" two years since taking change at Anfield.
Rodgers has been left with two senior forwards after allowing Carroll to leave for West Ham on a season's loan.
The manager had been hoping to bring in Clint Dempsey as a replacement, but Liverpool could not raise the funds to buy the forward from Fulham, and he joined Tottenham instead.
Rodgers insisted after Sunday's 2-0 defeat at home to Arsenal that he had not been misled by Fenway Sports Group over the affair, but admitted he wouldn't have sanctioned Carroll's departure if he knew he wouldn't be replaced.
Henry states that he was as frustrated as Rodgers over the failure to add a forward.
He wrote: "I am as disappointed as anyone connected with Liverpool Football Club that we were unable to add further to our strike force in this summer transfer window, but that was not through any lack of desire or effort on the part of all of those involved.
"They pushed hard in the final days of the transfer window on a number of forward targets and it is unfortunate that on this occasion we were unable to conclude acceptable deals to bring those targets in."
Henry pointed to the summer signings of Joe Allen, Nuri Sahin, Fabio Borini, Samed Yesil and Oussama Assaidi - plus the retention of Luis Suarez, Daniel Agger and Martin Skrtel - as evidence of FSG's financial commitment.
However, he accepted that mistakes had been made in trying to steer Liverpool back on course after the difficulties the club had faced under the ownership of Tom Hicks and George Gillett.
He added: "The transfer policy was not about cutting costs. It was - and will be in the future - about getting maximum value for what is spent so that we can build quality and depth.
"We are avowed proponents of UEFA's Financial Fair Play agenda that was this week reiterated by Mr Platini - something we heartily applaud. We must comply with Financial Fair Play guidelines that ensure spending is tied to income," Henry explained in the statement. "We have been successful in improving the commercial side of the club and the monies generated going forward will give us greater spending power in the coming years.
"We are still in the process of reversing the errors of previous regimes. It will not happen overnight. It has been compounded by our own mistakes in a difficult first two years of ownership. It has been a harsh education, but make no mistake, the club is healthier today than when we took over."