Liverpool have taken a "massive, massive risk" by making so many signings this summer, according to their former director of football Damien Comolli.
Liverpool boss Brendan Rodgers has overseen seven signings since the end of last season, with a £32.5m deal for striker Christian Benteke completed on Wednesday.
Comolli, who worked for Liverpool between 2010 and 2012, had a mixed record during his 18 months at Anfield, bringing in a number of players for large fees.
He recruited Luis Suarez and new captain Jordan Henderson, but also brought in less successful signings such as Andy Carroll and Stewart Downing.
However, he believes that Liverpool have brought in too many players over the last two summers, damaging Rodgers' chances of developing a settled squad.
Comolli told talkSPORT: "Without talking about individual players, it is always a big risk to make so many changes during one transfer window.
"I thought it was a huge risk last year after selling Suarez and bringing in, I think, nine players. Now they have decided to change a lot again and totally rebuild. That is always a massive, massive risk."
Comolli, who has also worked for Arsenal and Tottenham, suggested that Liverpool's transfer activity could damage their Champions League qualification chances.
He said: "Liverpool have bought in players who have got talent, but they are going to compete against some very settled teams.
"Arsenal, United, City and Chelsea are making some very subtle adjustments to their squad and, on the other hand, Liverpool are changing everything every year. I'm not convinced it is the right approach.
"When you gamble as much money as they did last summer, you have got to give players a chance, and changing everything again sends the message to the players brought in last summer that they will not get a chance.
"By the time everyone settles into the team, and the players coming from abroad get used to the Premier League, they might be well behind fourth place."