2010–11 Liverpool F.C. season and the resurgence saw Liverpool rise up to fifth in May. Despite their resurgence Liverpool eventually finished sixth in the Premier League, having failed to qualify for the Europa League. The season also saw Liverpool's record purchase and departure, as Fernando Torres left for Chelsea, being replaced by Newcastle United's target man Andy Carroll. Liverpool received £50 million for Torres, and paid £35 million for Carroll's services. Both transfers occurred during a busy transfer deadline day on 31 January, where Liverpool also broke its previous transfer record, paying £22.5 million for Luis Suárez. During the season, Jon Flanagan and Jonjo
History of Liverpool F.C. (1985–present) businessmen George Gillett and Tom Hicks bought the club, in a deal which valued it and its outstanding debts at £218.9 million. Liverpool once more came third in the league, this time 21 points behind Manchester United. They went out of both domestic cup competitions to Arsenal, but reached the 2007 UEFA Champions League Final where they again faced Milan. Unlike 2005, Liverpool were unable to recover from going behind, and lost the match 2–1. During the summer, Benítez strengthened his team by signing Fernando Torres for a club record £24 million, and midfielders Ryan Babel and Yossi Benayoun. They