Liverpool manager Gerard Houllier has been warned the club will accept nothing less than Champions League qualification.
Chairman David Moores has told shareholders last season must be viewed as a disappointment, despite the club landing silverware.
Liverpool finished only fifth in the Barclaycard Premiership and missed out on a Champions League spot, but did win the Worthington Cup.
"Over the years I have repeatedly stated that the club's overriding objective is consistent qualification for the Champions League," said Moores. While this remains the minimum acceptable target, the ambition is, and always has been, to win every competition we enter.
"Last year we finished fifth in the Premiership, and won the Worthington Cup, but failed in our target of qualification for the Champions League.
"By no means a write-off, the season must generally be viewed as disappointing, especially when compared to recent year-on-year progress.
"We must accept that the season-wide performance fell some way short of the high standards we set ourselves, and what our fans have come to expect," Moores said.