Liverpool chairman Tom Werner has indicated that the big spending that marked Kenny Dalglish's second spell as Anfield manager is a thing of the past.
Dalglish spent £35 million on Andy Carroll, lavished around £20 million each on Stewart Downing and Jordan Henderson and bought Charlie Adam from Blackpool for £8 million.
Despite the heavy outlay, the Merseysiders - although winning the Carling Cup - finished in a disappointing eighth place in the Premier League and Dalglish departed soon after the end of the season to be replaced by Brendan Rodgers.
"This is a very financially strong organisation, LFC," Werner said. "I believe - not just in the previous season, but in the past - we have overspent for players, and the results were not what we have expected.
"We do have the resources to be competitive, but at the same time, we are going to operate in a way that will be a self-sustaining model.
"I think you will see that you don't necessarily have to go out and spend £50 million on one player to see success."
Werner predicted that Rodgers would make a positive impression on the Anfield faithful, adding: "I don't think anyone could have been happy with our performance on the pitch last year - no disrespect to Kenny. I think he is an iconic figure for Liverpool and he will always be appreciated for the stability that he brought to the club.
"Brendan brings a very thoughtful, modern, attacking philosophy - I think our fans will be very delighted with the attacking philosophy that he brings to Liverpool - and hopefully we will see improvement."
Carroll, in particular, has become symbolic of Liverpool's big spending, with reports suggesting the club are likely to take a hit of at least £15 million on the deal in any permanent sale only 18 months after signing him.
The England international, 23, has been linked with a return to Newcastle - who offered to take him on loan with a view to a permanent deal - while AC Milan expressed an interest in a loan after Rodgers hinted that the striker may not be part of his long-term plans.
Werner has insisted that the manager will have the final say on Carroll and suggested a decision will be made on the forward in the near future, insisting the club would not attempt to influence Rodgers in any way.
"Brendan is clearly the leader here," he told Sky Sports News. "The only thing I can say is we will do what is best for the club. At the moment Andy is on the squad, he is an important member of the England team and he has a lot of talent. We will see what happens."
It would appear that Werner does not expect the situation to drag on deep into the transfer window, saying: "Hopefully the question will be answered shortly, but at the moment Andy is on the team and we look forward to him contributing."