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By ESPN Staff

Liverpool chief: New stadium needed to compete

Liverpool chief executive Rick Parry has admitted it is imperative for his club to move to their proposed new stadium as soon as possible in order to keep financial pace with their major Barclays Premier League rivals. Figures released on Monday showed Arsenal's move to the Emirates Stadium has driven a near 50% increase in turnover with operating profits for the year ending May 31 up a massive 274%. Meanwhile Liverpool's plans for a new stadium in Stanley Park are still on the drawing board as they wait for a new planning application to be approved and aim at an opening in 2010. Parry said: 'We have been saying for years on a match by match basis we are too far behind Manchester United and now Arsenal too. If we are to continue to compete then a new stadium is vital. 'The only reason we want the new stadium is to generate extra revenue. It's not about building monuments or vanity, it's about hard-headed common sense to generate more revenue to enable us to be competitive.' Parry was speaking at the official launch of the club's new television channel, LFC TV, which he hopes will continue to spread the word worldwide in the same way that United have enjoyed success with MUTV. Parry added: 'We know we've got tens of millions of fans worldwide and that is a legacy of success in the past decades. It is a legacy we can build upon but you don't achieve that overnight. 'It is about sustained success. We know that brings a worldwide following and it's a place we want to be. The Premier League becomes ever more competitive and it is ever more challenging, but we can be up there with the best.' Meanwhile Parry has refused to become embroiled in the issue over the validity of Chelsea's decision to appoint Avram Grant as their new manager despite his lack of a UEFA Pro Licence. Manchester United have questioned the move but Parry said: 'Every club has a vested interest but they should probably leave their noses out of it and leave it to the Premier League to resolve.'