It is generally accepted that only five clubs are truly capable of winning the championship, and Liverpool are fast falling behind the rest of that group.

Eighteen months ago they were runners-up, 13 months ago they were top of the Premiership and unbeaten. Now, the measure of their decline is frighteningly exposed by comparing their 2003 records with those of United, Arsenal, Chelsea and Newcastle.

Liverpool have taken just 56 points from 35 games whilst United have 91 from 36, Arsenal 80 from 36, Chelsea 72 from 36 and Newcastle 60 from 37.

That makes unpleasant reading for those shareholders preparing for Monday’s AGM.

Sunday’s FA Cup tie at Yeovil gives Houllier respite from the task of turning Liverpool’s fortunes around, even if the prospect of a giant-killing brings its own pressures.

The thought of being beaten by a Third Division club – albeit one with 20 Football League scalps from their recent non-league days – is too much for the Anfield empire to contemplate.

But by next Wednesday, reality bites again as Liverpool travel to Chelsea to face the club who have done more damage – financially and status wise – to Anfield than anyone else.

It will remind Houllier of that game in May when things could have panned out so differently. That was when Liverpool could not hold onto the lead at Stamford Bridge and lost out to Chelsea in the race for the last Champions League spot.

The rest is history. Roman Abramovich moved in with his millions to save Chelsea from administration when he probably would not have been interested in a club in the UEFA Cup.

It has left Liverpool, and Newcastle to an extent, trailing in their wake and it is hard to see that trend being reversed, simply because of Chelsea’s financial clout.

Houllier is facing the same demands as Sir Bobby Robson at Newcastle, who has started to be criticised by chairman Freddy Shepherd.

Houllier talks correctly and realistically of the top three being in a different league. He says: “We realise there are two leagues at the moment, the top three and the rest.

“We have to go for fourth place now and there will be several teams doing that.”

The condemnation from Liverpool’s former stars, presenting a variety of reasons for their decline, has been ringing in Houllier’s ears.

Mark Lawrenson says: “It has been a year to forget for Liverpool, The frustration of the fans has been understandable, the club has been going backwards and forwards over the past 18 months. It has been hard for the fans to watch.”

Liverpool have won just 16 of 43 league matches since they were top of the Premiership last November.

Tommy Smith adds his concerns: “This is Liverpool, not just an ordinary team. It is the history of what is on Merseyside and this team are just not good enough.

“The squad is not good enough. We have some really good players, but when we have one or two injuries we cannot cope.

“We get beaten at home by the likes of Southampton and Bolton. Something is drastically wrong.”

But Smith is still able to see the good Houllier has achieved.

He adds: “There has been a lot of disappointments over the last couple of years, but if you look at the big picture and what the guy has done, Houllier has put Liverpool back on the map.

“But he has made a rod for his own back by winning so much early in his time at the club. Everybody expected the league title to follow and it has just not happened.

“But Liverpool have got to stick with Houllier because he has been successful, but when the transfer window opens we have to buy three or four players.”