Liverpool managing director Ian Ayre believes that the club's decision to redevelop Anfield is a "huge step forward".

The Merseyside outfit have announced today at Liverpool Town Hall that they plan to expand the Reds' current home to allow for a bigger capacity and improved facilities, which could reportedly cost £154m to complete.

"Today represents a huge step forward for the Anfield area," BBC Sport quotes Ayre as saying. "Everyone at the football club knows the importance.

"There is no question that Anfield is the spiritual home of Liverpool. Any preference we ever had was to stay at Anfield. It's step one, but it's a major step forward. Questions about capacity and cost are not for today. Not until we have certainty."

Liverpool owner John W Henry is believed to have considered building a brand new stadium on Stanley Park during two years of deliberations.