The decline in fortunes of the Liverpool football team is a useful reminder of how important it is to change with the times, Chief Executive Tung Chee-hwa said yesterday at a meeting with reporters. Mr Tung, a Liverpool fan, said they 'are no longer one of the top 10 teams in the world. It's disappointing, but it's a fact'. Mr Tung became a Liverpool fan when he studied in the city in the early 1960s. He was given a No10 autographed shirt by the club's star striker, Michael Owen, during the team's training session in Hong Kong last Saturday. On Sunday, Liverpool beat a Hong Kong side 6-0. A journalist remarked that Liverpool's dismal, fifth-place finish in the English Premier League last season was reminiscent of the performance of the Tung team. Mr Tung replied: 'Soccer has undergone drastic changes with fast-paced commercialisation. You not only need a good coach, but policies, finance and promotion. Why are only Manchester United and Arsenal doing well? It's because they were able to transform themselves.' Hong Kong, he said, had not 'given enough attention and resources to sport development in the past ... If we can do better, it will give a big boost to the cohesiveness of society'.