The past decade has seen a new era of European football emerge. These events were first set in motion in the early to mid 1990s by the formation of the Premier League and the incorporation of the group stages into what is now the Champions League. Of course, the formation of these organizations was not the root cause of the balance of power we see today—it was the money that these competitions generated through TV rights and subsequent expansion into international markets. 
The next game changer was the arrival of Roman Abramovich at Chelsea. His millions turned what was a well-supported club with a decent history into a sometimes title-winning and always title-competing side.
The possibly unforeseen side effect of this takeover was the inflation of wages year on year with no end in sight. Since the formation of the Premier League, average weekly football wages in England have increased 2000 percent, from £1,755 to over £33k. Since the takeover at Chelsea in 2003, wages have increased 200 percent, which basically means the operating cost of being a elite level team has risen two-fold.
Most are aware that Chelsea have a gargantuan operating loss every year and are never really expected to pay their Russian sugar daddy back for the improvements made on his play thing. Meanwhile, every year their chief executive insists that they plan on becoming economically viable. The main reason for their inability to do so is the seating capacity of their ground and their lack of international appeal compared to clubs like Manchester United and Liverpool.
The arrival of Sheikh Mansour at Manchester City has furthered skewed the markets to where landing an established big-name player requires tens of millions of pounds up front and a few tens of millions more once the player's contract has been negotiated. 
Before the arrival of Hicks and Gillett, Chairman Moores certainly could see the tide shifting and knew he would be unable to compete financially when some teams have no interest in even breaking even at the end of a fiscal year. Hicks and Gillett knew that they would have to increase revenue across the board as they are not oil tycoons. So a stadium was proposed in one of the only places that it could be: Stanley Park. Plans were drawn up and the design of Liverpool's new ground was even touted as a technological marvel in Popular Mechanics. 
Then, of course, the market crashed, and we are all too familiar with the debacle that followed until the arrival of Fenway Sports Group. The new owners have a lot more capital to tap into but are neither an oil sheik nor a Russian billionaire. Both are seemingly unconcerned about the vast sums of money walking out the door as long as they are pleased with the result on the pitch. Liverpool are not in this position. 
The only thing Hicks and Gillett got right was to recognize the untapped revenue streams the previous administration failed to go after. They increased the club's presence in Asia and other areas where the brand can only grow. Even though those markets are immature and will bring Liverpool more cash in the future, fans are fickle, and there is no guarantee that an eventual superstar from East Asia will be wearing Red.
Therefore, a new ground is vital for the long-term future of this storied club. Anfield is a cathedral at this point and should be left as a monument to the success of days gone by, but it lacks all the amenities offered by new stadiums. Mainly, it barely has any luxury boxes. As much as an increase in seating capacity will bring in more money, it is the new breed of luxury seating that generates the most profit.   
Redevelopment of Anfield is an option that has been touted until you consider the neighborhood that surrounds Anfield. Just a quick description for those unfamiliar, it's a neighborhood. Expansion or alteration of the current site would require displacing people from their homes and a legal battle that could last a couple decades. FSG were right to dismiss this as an option a few short months ago. This leaves a new stadium as the only option.
Liverpool still have right of first refusal when it comes to development of the Stanley Park area and were given an extension by the city council to begin work on the site for one year. This will give the new ownership group time to contemplate their options. With a price tag of £400 million, it is wise of the Liverpool hierarchy to take cautious and deliberate steps towards building a world-class facility that the supporters deserve and the long-term success of the club depends on.