Liverpool plan summer clear out

Liverpool are set for a summer clear out as owners Fenway Sports Group look to reduce the club's massive wage bill and free up some money to bring in new players this summer.

The Reds have the Premier League's fourth-highest wage bill paying out £121 million during the 2010-2011 season. Free signings Joe Cole and Milan Jovanovic earn £100,000 and £120,000 per week each despite making just nine and five Premier League starts respectively.

Paul Konchesky, Christian Poulsen and Brad Jones, who also joined the club last summer during the ill-fated Roy Hodgson era, as well as Philipp Degen, Nabil El Zhar and Emiliano Insúa all look set to leave the club as Kenny Dalglish tries to rebuild Liverpool's first-team squad.

FSG inherited Liverpool's current wage bill from the club's previous owners Tom Hicks and George Gillett compounded by the transfer dealings of Rafael Benitez and Hodgson. However, the club's principal owner John W Henry realises that the club need strength in depth.

'The worst surprise [following FSG's takeover last October] was the lack of depth in the squad. Our biggest concern in taking on this responsibility was this issue and it was a bigger issue than we feared. There was a huge multi-year payroll for a squad that had very little quality depth,' Henry said.

Liverpool have made a formal approach for Sunderland midfielder Jordan Henderson and are also reported to be interested in Aston Villa wingers Stewart Downing and Ashley Young.

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