SNOOGY DOOGY, where are you? Back in 2007, George Gillett underlined the intention of Liverpool’s new co-owners to back Rafael Benitez by declaring even misspoken rappers would be on the shopping list.

But such is the perilous state of Liverpool’s finances that no-one would be surprised if household names prove beyond their reach during this summer’s transfer window.

If Gillett was trying to keep it real with his support for Benitez, the deeply-flawed reign of the American and his cohort Tom Hicks finally turned into the nightmare many had envisaged this season.

That the club’s account ledger made more required reading than the Premier League table last week said everything about how horribly skewed priorities have become at the desperately dysfunctional Anfield outfit.

It is impossible to dissect this season while overlooking the financial difficulties and boardroom uncertainty that has racked the club for far, far too long.

But the harsh fact is that, on the field, Liverpool have simply not been good enough.

Tipped by many pundits to end their 20-year title drought, their challenge was over before it even started, defeats to Tottenham Hotspur and Aston Villa inside the first nine days setting the tone for a campaign of tortuous, unrelenting disappointment.

With Benitez, no doubt mindful of being forced to balance the books and outspent by his near rivals, having stated Liverpool needed to be “almost perfect” to win the title, those early missteps were as demoralising as they were revealing.

So it went on. A beachball, volcanic ash clouds, conceding last-minute goals, injuries to leading players, no money for new arrivals, training ground unrest, if it could go wrong then it did go wrong for Benitez.

Not that he was blameless, some of his team selections smacking of the stubborn streak that, while one of the Spaniard’s greatest strengths, could also ultimately prove his downfall.

At least insufferable talk of his rotation policy has halted, if only because Liverpool no longer possess the depth of squad to withstand regular alterations.

If fit and firing on top form – and that is a very, very big if – Benitez arguably still possesses a starting XI that can go toe-to-toe with any team in the top flight. Scratch the surface, however, and the problems become alarmingly apparent, explaining why Liverpool ended the season in seventh, their lowest league placing since 1999.

Europe, Benitez’s favoured arena, served only to highlight the issues. The Champions League campaign was truly forgettable – and who knows when Liverpool will be back at the top table of the Continent’s elite? – while the sight of a former Manchester United striker scoring in front of the Kop to end hopes of a Europa League final place was somehow wholly apt.

Were expectations too high? Most definitely. Losing Xabi Alonso was a huge if not entirely surprise blow, but the failure to land Gareth Barry as a replacement and the concerns surrounding eventual arrival Alberto Aquilani should have been taken as a warning sign.

Liverpool continued their poor recent record under Benitez in the domestic knockout competitions, Arsenal coming out on top in the Carling Cup battle of the second strings while Reading inflicted an embarrassing defeat in their FA Cup third round replay at Anfield.

But the misery wasn’t curtailed with the final whistle at Hull City a week last Sunday, with supporters now facing an anxious summer waiting to see who will still be at the club come pre-season.

It’s far from certain Benitez will be given the assurances he wants to stay, although circumstances dictate his time at Anfield could be reaching a natural conclusion.

Instead, of more concern to the fans will be the fates of Fernando Torres and Steven Gerrard.

Torres endured another injury-hit campaign that was curtailed by a second knee operation in three months, but still managed to score 22 goals in 32 appearances.

Gerrard, though, struggled to muster his usual level of gallantry, stymied by injury, a loss of form and frustration at the general malaise.

New chairman Martin Broughton has promised neither player will be sold to service the club’s debt, but there is nothing to stop Torres and Gerrard – along with Javier Mascherano, who has yet to sign a new contract – from departing of their own volition. Few would blame them if they did.

Highlights were rare. Manchester United were beaten once again, Mersey supremacy was maintained with a double over Everton, and the thrashing of Benfica gave a tantalising glimpse of what might have been.

While Aquilani disappointed, Glen Johnson, the other big-money summer arrival, has yet to convince. Encouragement instead came from the budget arrivals of Sotirios Kyrgiakos and Maxi Rodriguez, the duo winning favour with a series of committed and effective outings.

Mascherano was the stellar outfield performer, while Pepe Reina nailed his colours to the mast with a succession of excellent displays and penning a new long-term contract.

Lucas Leiva was by far the most improved of Benitez’s charges, but while the likes of Yossi Benayoun, Daniel Agger and Jamie Carragher had their moments, too many players failed to produce.

Andrea Dossena, Andriy Voronin and the silly Albert Riera will not be missed, but their absence during the closing months demonstrated how quality reinforcements are desperately needed this summer. But how? And with what money?

Which brings us full circle. There are few cities as sentimental and sensationalistic as Liverpool, and talk that the end of the world is nigh is perhaps wishful thinking from their rivals.

Gillett and Hicks will go eventually. New owners will arrive. Funds will become available. Players will be bought. Games will be won. The supporters will turn up. Life will go on.

But difficult times are ahead, and it is frankly impossible to make any kind of proper prediction given the manner in which the landscape could well alter at Anfield in the coming months.

Forget Snoogy Doogy. If Liverpool continue on their downward spiral, not even the laughable Vanilla Ice – who first shot to infamy in 1990, the year the league title last arrived at Anfield – would consider stepping into the maelstrom.

Buckle up. It’s going to be a bumpy ride.