In December 2004, David Moores, chairman of and largest investor in the fabled Liverpool Football Club, appeared to be distraught as he addressed his team's board. Moores fretted that the financially strapped club would have to scuttle plans for a 170 million ($290 million) stadium.

The new ground across Stanley Park from their Anfield home was needed to bring in receipts the Reds need to remain competitive on the pitch against much wealthier rivals like Manchester United and Chelsea. "These past 12 months have not been easy," said Moores during the meeting. "We are looking at all roads to get investment into this club, including offers already on the table."

A full year and a surprise European championship title later, the club's inner circle must have been shocked to hear the same sentiments from Moores.

The lowdown? An undercapitalised team like Liverpool cannot consistently compete with rich clubs like Manchester United, Chelsea or Arsenal without a modern stadium. The Reds pull in only £33 million from stadium revenue; Manchester United gets more than double that.