Earlier this week, the Liverpool manager made it clear, by insisting he would "bring in one or two new players" this summer, he has been forced to significantly downgrade his transfer targets as the true financial position affecting owners Tom Hicks and George Gillett became apparent.

And now, inside 24 hours, Benitez has issued a hands-off warning to Spanish giants Real Madrid and Barcelona over the futures of Xabi Alonso and Javier Mascherano.

The damaging accounts, for the year 2007-8, announced last week for Kop Holdings - the company the Americans set up to run Liverpool - showed a loss of £42.6million.

In the year since, Benitez has signed his own five-year contract extension and, from the money at his disposal, made certain he has secured Steven Gerrard, Fernando Torres, Daniel Agger and Dirk Kuyt on new long-term deals.

And he admitted this week he knew of the financial problems that would become apparent when he secured his own and the players' new deals.

Now his transfer budget is limited and he knows he would have to sell before buying a big name, keeping what he already has is the more pressing problem.

That is why he has had to insist Alonso "has three years left on his contract and is not for sale" while also maintaining Mascherano is not available "at any price".

And now it is emerging Hicks and Gillett seem certain to confirm re-financing of their original £350million loans from the Royal Bank of Scotland and American bank Wachovia, which were due to run out on July 24.

A source close to the deal told PA Sport today: "The Royal Bank of Scotland are making all the right noises about refinancing the deal. Liverpool's American owners will get what they want, at least in the short term."

A possible extension, maybe for only six months, is being negotiated for a £3.5million arrangement fee plus interest of four per cent above banking rate. The deal is 75% from RBS and 25% from Wachovia.

But there seems to be no clearer picture of how the Americans will fund the £400million for the proposed new stadium or what happens at the end of the new arrangement.

The implication is Liverpool are being allowed to limp on by the banks, who have more pressing things to worry about.

Money is being made at Anfield because of the club's constant involvement in the Champions League and the success on the pitch of the likes of Gerrard and Torres in Europe and the Premier League.

And the importance of Benitez keeping the big names on board is increasingly clear, which accounts for the bullish reaction to comments from Mascherano's agent, Walter Tamer, on Spanish radio that his client would be interested in a move to Barcelona.

Benitez has been infuriated by that, and said: "Mascherano has no price. Barcelona could not afford to match his value to Liverpool, we do not want to sell and Javier is very happy here.

"I have spoken to Javier two or three times this summer - the last time was only last week - and he was very happy, very positive.

"He gave me the private number of his agent, Walter Tamer, and again the conversation was very positive and was all about football.

"Walter told me that two clubs with big, big names were asking after Mascherano - and I told him to forget it, that Javier was happy in Liverpool and he was not for sale.

"So I was surprised to see the agent's comments. Javier has a long contract and any club can forget about bidding for him. They can offer £40million or even £50million, we don't want to sell."