Liverpool owners Fenway Sports Group have reassured supporters they have the appropriate funds in place to help redevelop Anfield as they look to compete with the biggest clubs in the Premier League.

Previous owners Tom Hicks and George Gillett had grand plans of moving the club into a new stadium within Stanley Park but Reds chairman John Henry has instead decided to invest some £150m on improving Anfield.

There are still a number of hurdles that need to be overcome, such as property acquisitions and planning processes, but Henry has made it clear that the process is moving forward.

Liverpool are working with the local council and the Your Housing Group in order to redevelop the area around Anfield as they plan to extend the capacity of the ground to 60,000 - 15,000 more than it currently holds.

Henry previously remodelled the famous Fenway Park, home of the Boston Red Sox, and is hoping to complete a similar process with Anfield.

"We are making good progress," Henry told the Liverpool Echo. "There are a lot of different groups working very well together and that's the key to a big project like this happening, when everybody is on the same page. When everybody is on the same page, we move forward.

"I think we were clear at one point that what made financial sense was going in this direction - and this is the direction that makes financial sense for the club for a long time. Obstacles are being overcome."

There is no timeline as to when the redevelopment will begin but Henry was keen to point out that it was a positive move after the broken promises of previous owners.

"The previous regime (Hicks and Gillett) were talking about going out and borrowing an enormous amount of money to build an enormous new facility. That's not what we're doing," added Henry.

"One of their problems was that they weren't able to get financing. When this happens, financing won't be the problem.

"Again we just need certainty with regard to these properties and the number of properties that are in question keeps getting reduced. The City Council is doing everything they can and that's all we can ask."

Liverpool have long wanted to have a stadium which puts them on a par with Arsenal who have benefited hugely from the extra income that comes from their 60,000-seater Emirates Stadium.

In October 2012, the club confirmed the decision to remain at Anfield with Liverpool subsequently forming a relationship with the city council with the pledge of helping to revitalise the surrounding area.