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As I said earlier, Liverpool is clearly a club on the rise, but compared to Real Madrid (or elsewhere), it's not the easiest sell right now. One advantage the Reds do have, though, is that you're not under the same pressure on Merseyside as at the Bernabeu.
Of course, Liverpool is a famous club, and you have to perform your best every game, but Real Madrid has to beat Barcelona right now, or else every single player (save Cristiano Ronaldo and Iker Casillas) and the coach are in liable to lose their jobs.
Liverpool may not have European football on the table, but they have stability, finally. That counts for something.
Benfica's price tag is also quite a steep one for such a young player, unproven in the biggest leagues. Liverpool has the money to spend, but new owners John Henry and Fenway Sports Group should still spend smartly. Otherwise, you end up looking like other clubs who are judged to have simply tried to buy their big club status.
Left back is obviously a big need for the Reds, and some other players who have been linked are Everton's Leighton Baines (which would be worth it just as a slap in the face to Everton), Celtic's Emilio Izaguirre and Newcastle's Jose Enrique.
Enrique is the most likely, because he has been linked to the Reds for as long as Coentrao has, and Newcastle manager Alan Pardew has all but conceded that the left back won't be with the Magpies next season, with Liverpool supposedly his first choice.
Liverpool needs a new left back, and there are plenty of quality candidates out there, whether Fabio Coentrao decides to bring his talents to Merseyside or if Liverpool are left to expend other options.