Liverpool chief execitive Rick Parry said he was absolutely delighted to announce that captain Steven Gerrard is staying at Liverpool and stressed it was a decision made from the heart.
Gerrard openly admitted that he had been disappointed at the way things had gone at Liverpool over the past two years but said after talking to family, friends and new boss Rafael Benitez he made the decision to stay at Anfield.
Parry said: "We knew of Stevie's concerns and he is fiercely ambitious but this is a decision from the heart. Our manager Rafa Benitez spoke with Stevie when he was away with England and talked to him about his plans which Stevie was excited about.
"We are as ambitious as Stevie is and it is a great day for Liverpool Football Club."
Parry also said the next major task is to keep Michael Owen at Anfield.
Parry said: "Michael is a very important to our future and is hugely important to us. That is tomorrow's challenge but we remain confident Michael will stay with us."