Anfield
Liverpool will stage a huge redevelopment of Anfield in an attempt to close the financial gap to their rivalsGetty Images

Liverpool have been given the go-ahead to begin the £100m redevelopment of Anfield, which will take the stadium's capacity to around 54,000.

The overhaul of the Main Stand will take the capacity of the stand to 20,000 and after construction starts next week, it will be completed during the 2016/17 season.

The building is one part of a huge regeneration plan that, in partnership with Liverpool City Council, plans to transform the Anfield area.

"Today is an important milestone in the history of Liverpool Football Club," chief executive Ian Ayre said upon announcing the move on Thursday 4 December. "Since we embarked upon this journey we have always said that we need certainty; we now have that certainty and will progress with the expansion of the Main Stand.

"We received very positive support for this expansion during a public consultation exercise and today is also an important step for the wider regeneration of the Anfield area.

"There has been a tremendous amount of work done to get us where we are today but this is just the beginning.

"This is a major construction project which will take place during the football season and while we will make every effort to minimise any impact or disruption to normal operations, we ask for the continued support and understanding from our fans and the local community.

"Expanding Anfield is very much part of our long-term strategy of growing the club and on behalf of the directors, players and staff, I'd like to thank the local community and residents, our fans, Liverpool City Council and Your Housing Group for all their support."

The new development would make Anfield the joint-fourth biggest stadium in the Premier League come the 2016/17 season, with the Olympic Stadium which will be leased by West Ham United also expected to contain a capacity of around 54,000.

Liverpool's matchday income stood at £45m for the last season on record, the 2012/13 campaign, significantly lower than the likes of Arsenal, Chelsea and Manchester United but improved attendances will help the club compete financially with their league rivals.