ROY HODGSON believes Joe Cole and Steven Gerrard have helped put the smile back on the faces of Liverpool supporters – but admits any gloom will only truly lift once the club’s American owners depart.

On another busy day for the Anfield outfit, skipper Gerrard ended speculation over his future by reaffirming his commitment to the club while Cole underwent a medical in Switzerland before completing his free transfer following his release from Chelsea.

The 28-year-old has agreed a four-year deal to become Hodgson’s first signing since taking over from Rafael Benitez earlier this month.

News of Cole’s arrival and Gerrard’s decision to stay have been greeted enthusiastically by fans who were fearful of the coming season after months of uncertainty and the ongoing financial concerns.

But Hodgson accepts only the departure of co-owners George Gillett and Tom Hicks, who have appointed chairman Martin Broughton to sell the club, will dispel the scepticism of the Anfield faithful.

“What will lift the supporters is if we get new investment,” said the Liverpool manager. “I know supporters are very anxious for that. We can’t ever deny it.

“All the time we are in our current situation in terms of investment, the supporters are going to be sceptical. You can talk until you are blue in the face but it won’t make any difference.

“The owners are not popular with the fans; the fans want new owners, they want new investment. The gloom, if there is any, is never really going to lift until that day comes.

“I’m not going to dupe Liverpool supporters and say that everything is rosy just because we have signed Joe Cole.”