LIVERPOOL boss Rafa Benitez has stoked up the mounting pressure on himself by incredibly insisting: "I don't have to win a trophy."

The Reds' title dreams have been hit by FIVE League defeats already this season; they crashed out of the Carling Cup at Arsenal in midweek and their Champions League dreams will be in tatters if they lose Wednesday's crucial Group E clash in Lyon.

So Kop fans will be stunned by Benitez's latest outburst in which he claims increasing the club's value is more imporant than winning silverware.

"I don't agree with people when they say you have to win trophies," said Benitez.

Try telling that to Kop legends Bill Shankley, Bob Paisley, Joe Fagan, Kenny Dalglish and Co.

But Benitez added: "You have to be close and create a group of players that can fight for trophies.

"We got 86 points in the Premier League last year and some people say it wasn't a good season.

"But to finish second (to champions Manchester United) and close the gap between the top team and us to four points was a massive achievement.

"Trophies mean a lot to everyone but to see the team progress means you can guarantee you will be there in the future and you can fight for trophies."

Benitez has won the Champions League, Super Cup and FA Cup during his five years at Anfield.

But his last trophy was the FA Cup three years ago following a thrilling penalty shoot-out final victory over West Ham.

However he insisted: "People can say I have been here for five years but you can see the difference.

"Compare the value of the club before and the value of the club now.

"Compare the value of the squad before and the value of the squad now, you can see the progression."

Benitez's economic argument has weight.

Five years ago, Liverpool were valued at £100million. That would buy you only 25 per cent of the club today.

European performance accounts for the recession-ignoring increase.

His prolific skills in raising UEFA cash allow him to claim he's only ever splashed out on players with funds he's brought in or won.

The goodwill of Liverpool's incredible 2005 European Cup triumph in Istanbul sustains Benitez's popularity on Merseyside.

But, most importantly, the annual UEFA finances offer a persuasive argument whenever he launches a defence of his management.

He's earned a minimum of £100m in Euro prize funds since he moved to Anfield because he's never failed to qualify from the group stage.

That record is now in jeopardy.

Liverpool's American owners Tom Hicks and George Gillett Jnr can't afford to see their side fail in France.

Defeat could cost the club up to £10m, CHECK, reduce the value of their shares, leave them sweating on investment and hit Benitez's January transfer plans.

Wait

"At this moment I don't know if I will have money in January so I have to keep doing my job and wait," he admitted.

BENITEZ: Crunch clash on horizon

"I just have to keep trying to do my job, to win games and I'm sure that I will have some discussions with chief executive Christian Purslow and we will analyse the situation.

"But, at this moment, it is just carry on.

"It depends on the situation whether you go to Plan A or Plan B. Sometimes that depends on money.

"If you have more money it is easier, if you have less money then you have to manage in a different way.

"So we must find the way to improve. I am always thinking about to win.

"I always have to win the next game and try to qualify for things.

"The difference between £10 and £15m is not massive when you are looking at the long-term picture."

The Spaniard signed a new contract extension in March, tieing him to Anfield until 2014.

But results on the pitch - Liverpool have lost five of their last six matches - have got the vultures (and beachballs) circling around Benitez's head.

But Benitez remains very bullish.

Future

"Christian was very clear," he added. "We signed an extension (to my contract) for five years because we want to be together for a long time.

"Our meetings are always positive. We were analysing the squad before, the squad for January and the squad for next year.

"We are working to do something for the future.

"In England it is not just one year that counts.

"Before this year we couldn't control the Academy. Now we will have more control of the young players and, hopefully, we can build something important for the future of the club."

But the grim prospect of an early exit from the money-spinning Champions League this season coupled with failure to qualify for next year's tournament will leave an unstable club fighting to retain its status.

They're the circumstances in which Benitez's position would be threatened, which is why the trip to Lyon is more important than last Sunday's League victory over Manchester United.

This week won't be the first time Benitez has led his troops across the Channel with the stakes at their highest.

Two years ago, Liverpool went into a defining Champions League clash with Marseilles knowing failure would end their manager's tenure.

Hicks and Gillett were sweating on the prize money.

It prompted one of the most impressive Euro performances of Benitez's reign, not surprisingly inspired by Steven Gerrard and Fernando Torres.

Hicks later admitted it was this result which forced the abandonment of their nonsensical pursuit of Jurgen Klinsmann.