Liverpool owner John W Henry admits the Anfield club is facing a huge financial challenge to be able to compete again at the highest level.
Henry and chairman Tom Werner took control almost two years ago following the acrimonious reign of fellow Americans Tom Hicks and George Gillett, which nearly took the 18-time English league champions into administration before ending in a High Court battle over the £300m sale.
Henry and Werner, who insist their Fenway Sports Group is still paying the price of the previous failed regime, have been forced into a summer streamlining exercise with no UEFA Champions League revenue for a third successive season.
Werner remains confident the Reds can bridge the gap with Europe's leading clubs, but Henry warned it will take longer for FSG to turn around Liverpool's fortunes than those of Boston Red Sox.
FSG bought the Major League Baseball team in 2002 and ended an 86-year wait to win the World Series within two years.
"The best analogy is that you can't turn an ocean liner around like you can turn a speedboat," said Henry.
"When you look at the rivalry between Liverpool and Manchester United, Liverpool isn't holding up its side of the rivalry.
"That is the way it was with the Red Sox and the [New York] Yankees. The Yankees were just completely dominant when we arrived.
"We knew we could never be on an equal footing financially with the Yankees. But we had to do everything in our power to get on a level footing with them on the playing field. That was a tremendous challenge.
"You could say Liverpool is an even bigger challenge than the Red Sox."
Werner added: "We feel that we are behind - but we are on it. We can close that gap and compete at the very highest level. Absolutely."