( CNN ) -- English Premier League giants Liverpool announced plans Monday to stay at their `` spiritual home '' of Anfield rather than move to a new stadium . The north-west of England club will be working with Liverpool City Council to regenerate the area around the historic ground , which would include new housing developments . Under the proposals , Anfield will be extended from its existing 45,000 capacity to a 60,000 all-seater stadium , enabling the club to better compete with other EPL sides such as Manchester United and Arsenal . The team 's U.S. Owners Fenway Sports Group are renowned for re-developing existing old stadiums , most notably the home of their Boston Red Sox baseball team , now named Fenway Park . Liverpool managing director Ian Ayre said that the decision to stay at Anfield rather than move forward with previous 10-year-old proposals for a new ground at Stanley Park , had been heavily influenced by the owners and the club 's 120-year history . `` I think this is the spiritual home of Liverpool Football Club , '' he told the club 's official website . `` We 've had some of the greatest triumphs in our history here , so it makes sense if there 's a right solution that this is the place we should continue to play our football . '' Criminal proceedings launched in 1989 Hillsborough Stadium crush . The Mayor of Liverpool , Joe Anderson , told a press conference Monday that the local authority had developed a `` good , honest relationship and partnership '' with Fenway Sports Group . He announced that the council had secured a $ 40 million grant to regenerate the area around the stadium , with further investment likely to be achieved . Anderson said he had visited Boston to see the Fenway Park development and meet Liverpool 's owners John Henry II and Tom Werner , who took control of the club two years ago . They replaced the previous American pair of Tom Hicks and George Gillett Jr. with widespread approval from Liverpool fans . Ayre said the announcement was a `` huge step forward '' but warned that it was subject to the `` right financing solution '' and the UK planning process . Liverpool dominated English football in the 1970s and 1980s , winning 11 league titles and seven trophies in European competition . But in recent years they have played second fiddle to arch-rivals Manchester United . Their success in the English League Cup last season was their first trophy since 2006 , but was not enough for manager Kenny Dalglish , appointed by Fenway Group , to stay in his job . Brendan Rogers took over in the summer , but has overseen a difficult start to the season with a squad weakened by injury and departures .
Liverpool to stay at their historic Anfield ground . New project will see stadium capacity increased to 60,000 . Score: 6 Club shares same owners as Boston Red Sox baseball team .