Jurgen Klopp has warned Liverpool’s owners that his side must keep pace with their rivals’ spending in the summer transfer window.

Klopp’s side travels to Crystal Palace on Saturday in the Premier League looking to rebound from a humiliating 5-2 loss to Real Madrid in the first leg of the Champions League quarterfinals at Anfield.

Liverpool’s chances of qualifying for next season’s Champions League via a top-four finish are dwindling as they languish in eighth place in the Premier League.

Klopp acknowledged that the Reds have work to do in the upcoming transfer window after coming close to winning the quadruple last year.

Klopp’s hopes of competing with the likes of Chelsea, Newcastle, Manchester City, and Manchester United for new players may be hampered by the departure of sporting director Julian Ward this summer and the potential loss of Champions League revenue.

“It’s not helpful (losing out on the Champions League). Money always has an impact. Of course it is influential but this is a summer where we have to be in the market, definitely,” Klopp said.

“I am sorry that we cannot guarantee the Champions League at this moment but it’s not done yet, we will fight for it, so we don’t have to talk about it as though it is not possible.”

He added: “My job is to make it 100 per cent clear what we need from a sports point of view and then other people are responsible for giving us the resources or whatever. I have nothing to do with that.

“We built a stand and a training ground and the club is in a really good place but around us a few people are speeding up a little bit and you cannot ignore that.”