Benitez was hugely successful in the Anfield dugout, winning the Champions League in 2005.
While he did not triumph in the Premier League, Benitez believes that a lack of top level signings held them back.
“Under Tom Hicks and George Gillett, I wanted to sign (Stevan) Jovetić and he was £16 million,” Benitez stated on the Stick to Football podcast.
“In my head, I was selling players and had £34 million, but was told that we don't have money. We went to play against Fiorentina and lost 2-0 – Jovetic scored both goals. I said that this was the player we wanted to sign but we didn't have money.
“I wanted to sign Aaron Ramsey when he was playing for Cardiff City, and we made an offer of £1.5m but Cardiff were playing in the FA Cup and wanted us to wait, but I told them that we had to do it, he was 17 years-old. When we went again to try and sign him, Arsene Wenger paid £5m, and we couldn't sign him.
“Gareth Bale, when he was 17 at Southampton, six months after we were watching him, Tottenham paid £8m, and we couldn't compete.”