"Eighteen titles, four cups," it reads, referring to their record number of championships and twice as many European Champions Cup triumphs as any other British side.

This coming season there is real hope that they might add to that prestigious tally with their first Premiership title.

True, they do not have the financial muscle of great rivals Manchester United. They do not possess the capital kudos of Arsenal.

And their Community Shield defeat by the Gunners last weekend was not exactly a performance to kindle huge optimism.

But they have the astute mind of manager Gerard Houllier, the undying passion of assistant Phil Thompson and a compact and industrious team which has a comfortable balance.

If Houllier had not suffered his serious heart problem last autumn then Arsenal would certainly have been pushed much harder before landing the double under Arsene Wenger.

It is impossible to quantify accurately the effect of Houllier's absence for more than two thirds of that season in which Thompson performed with unexpected grace and no mean ability. It seems Houllier's ambition for Liverpool remains just as intense, even if his doctors keep a wary eye on his continued rehabilitation.

Out of the three main protagonists inevitably United, Arsenal and Liverpool Houllier perhaps can view the new season with the most conviction.

United, as their humiliating Champions League qualifying defeat in midweek proved, will struggle to retain the consistency of their nineties domination until Sir Alex Ferguson sorts out their defensive shortcomings and even the signing of £30m Rio Ferdinand will not do that.

The United rearguard yearns for a goalkeeper of studied calm rather than Fabien Barthez's eccentric inconsistency. It is desperate for a full-back to replace successfully Denis Irwin, especially with Wes Brown injured on Wednesday.

United will still score goals, lots of them, but they will still lose matches.

Arsenal looked hungry and enterprising at Cardiff last Sunday but when the arduous demands of the Champions League stretch their squad they too could struggle to live up to the phenomenal standards set in the final months of last season.

In breaking the domination of United, Arsenal put together a winning sequence of 12 successive Premiership triumphs. They remained unbeaten in the league in 2002 and in away matches all season. Wenger, after a stunning denouement to the most exciting Premiership race for years, eclipsed all that had gone before in the rich history of Arsenal football club. His team last season was arguably the most talented and exciting ever to wear the red and white jersey. It was certainly the most appreciated by the neutral fan who recognised in Wenger not just Highbury pragmatism but a man of adventure. But at 39 next month David Seaman's days are numbered and who knows what effect his blunder for England in the World Cup quarter-final might have on his psyche. Martin Keown battles on but Tony Adams has retired. The French contingent could well also have a summer hangover after the dismal performance by France in Korea and Japan.

For Dennis Bergkamp it could prove one season too far, the future of Robert Pires is still uncertain following his serious knee operation and Freddie Ljungberg, who also misses the start of the season through injury, might struggle to emulate his form of last season.

The challenge for Wenger is in stirring the ambitions once more of a group of players which has feasted so successfully.

Newcastle's Sir Bobby Robson will have no problems in that department but, despite the £8m signing of 19-year-old Portuguese star Hugo Viana, his squad still looks short of champion material, especially with the additional burden of the Champions League. Chelsea, the epitme of inconsistency, and Leeds, the purveyors of under-achievement and likely to remain so despite the arrival of Terry Venables, have shown no sign of cracking the stranglehold of the Big Two.

No, if you are looking at this early stage for the side with the most hunger and potential it has to be Liverpool.

Their defence, the most miserly in the Premiership, was a revelation last season. In Jerzy Dudek they have a reliable goalkeeper, in Sammi Hyypia they possess a captain and defender with world-class credentials and all around him men of style.

Much will depend on the fragile limbs of Steven Gerrard in midfield, but his summer off might give Liverpool a crucial edge when full match fitness is achieved some time over the next month.

However, the challenge will stand or fall by the goals of Michael Owen and that perhaps is Houllier's biggest concern.

Not that a fully-fit Owen isn't Europe's top striker, but he has struggled to retain any consistency of physical strength for the past two years. Psychologically, his persistent hamstring problems have gnawed away at him. If he sparks Liverpool could carry all before them this coming season.

PREDICTIONS

Champions: Liverpool.

Runners-up: Arsenal.

FA Cup winners: Newcastle.

Worthington Cup: Leeds.

Relegation: West Brom,

Birmingham, Bolton.