All proceeds from future player transfers will assist Hodgson,
but he won't get any of the £5.5m received from Yossi Benayoun's
switch to Chelsea.
That money has been put aside to help pay off ex-boss Rafa
Benitez and meet the £2m compensation bill to Fulham to recruit
Hodgson.
Hodgson will review his squad over the next month, but knows
there is pressure to move quickly.
The quality of his first signings will determine whether skipper
Steven Gerrard and striker Fernando Torres believe the club can
compete for honours next season.
The duo won't return to pre-season training for another three
weeks, by which time they'll hope serious plans are in place to
ensure next season isn't merely transitional.
Although Hodgson is determined to keep Gerrard and Torres, he'll
take a more relaxed view on Argentine skipper Mascherano, knowing
the proceeds of his sale are crucial to any significant transfer
activity.
Mascherano is increasingly likely to move to Barcelona rather
than Inter Milan, having been earmarked as a replacement for Yaya
Toure.
Riera, who didn't return to pre-season training in midweek as he
tries to find a new club, is attracting attention from
Juventus.
One man who will be handed a fresh chance at Anfield, however,
is midfielder Alberto Aquilani.
Aquilani endured a miserable, injury hit debut season on
Merseyside. But Hodgson wants the £20m Italian to reap the rewards
of a full pre-season and fulfil his potential under new
management.
The transfer priorities for Liverpool this summer are a new left
back, a wide man, a replacement for Mascherano and a supporting
striker for Torres.
Hodgson is also expected to shuffle his backroom team. Both
Sammy Lee and Kenny Dalglish are deciding whether to accept roles
at the club.
Liverpool are eager for Dalglish to stay after he publicly
endorsed Hodgson's appointment.