Liverpool co-owner George Gillett has defended the investment levels of the current regime and suggested fans should look to manager Rafael Benitez, rather than the club's owners, if the Reds are failing to progress.

Last weekend's 2-0 loss at Chelsea was the Reds' third defeat of the campaign - more than they suffered in the whole of last season - while they also lost against Fiorentina in the Champions League last week.

But Gillett has defended the record of himself and co-owner Tom Hicks in reports in the Times and the Daily Telegraph today and believes the pair have done more than their rivals to improve the financial footing of their club.

"We have invested more money than our competitors, in keeping with the history of the club," Gillett is quoted as telling a representative of the fans' group Spirit of Shankly prior to Liverpool's 6-1 win over Hull last week.

"In the last 18 months, we have invested £128m on top of what has come in. That means it should be getting better.

"Now if it's not getting better, it's not Gillett and Hicks, it's the manager, it's the scouting. You have to make sure you balance out your analysis.

"There was plenty of money, so if you have any complaints, take a look at the ins and outs."

Gillett also added that the £30million fee recouped from Xabi Alonso's move to Real Madrid "went straight back" into the club's transfer budget, which was already set at "£22-23m as part of our budgets".

Gillett added: "The club is in extraordinarily good financial condition. Far better than Manchester United, Chelsea or Arsenal.

"We have invested massively, we have put more money in than anyone other than Manchester City, with the craziness they have got."