Liverpool legend Ray Houghton says they need to spend big this summer if the Reds are return to the Champions League.

Liverpool are reeling after defeat last night at Hull City.

"The owners need to back Brendan Rodgers in the summer by giving him real money to go out and spend on players to compete," Houghton told talkSPORT. "Chelsea will spend, Manchester City will revamp their squad, Arsenal look like they'll spend more money and Manchester United certainly will.

"So, if Liverpool are going to compete, they're going to have spend big because they need two or three top class players to come in and push them on next season.

"That's not easy. There are only so many of them [top class players] kicking around and lots of them want to go to Barcelona, Real Madrid or Bayern Munich.

"The rest will go to Chelsea and others in the league. Liverpool are going to have to get the scouting network working to try to bring in the right calibre of player."