Liverpool chief executive Rick Parry says he has no regrets over the club's failure to sign Michael Owen after the striker joined Newcastle for £17m.
Parry told BBC Radio Five Live: "The deal did not make sense at that price."
Asked whether Owen should have been sold to Real Madrid in 2004, Parry said: "We were able to bring in Luis Garcia and Xabi Alonso with that money.
"Would we have won the Champions League without those two players? I wouldn't swap that victory for anything else."
Despite winning the Champions League, Liverpool's form in the Premiership was inconsistent in Rafael Benitez's first season in charge and Parry wants a big improvement.
"Winning the Premier League is the key target, though we are not putting timescales on that.
"This club exists to win silverware. I would dread the day it ever came to the point we felt we couldn't compete for trophies."
"Rafa is a great student of the game. Game by game we're doing better than we did last season.
"Don't doubt Rafa's capacity for learning the game and all being well he'll come up with the answers."
-- XBL Gamertag: ScoopeX Currently Playing: Halo 2 Be Unlimited 24mb-1mb adsl 2 BB coming december 2005 Current CD now playing - Hed Kandi - Es Vive & Base Bar Ibiza 2005
