Cole was offered bigger wages elsewhere but chose to come to Liverpool for footballing reasons, despite what the sly dig from Carlo Ancelotti upon his departure from Chelsea would suggest.
"I'm very pleased because any concern that it was going to turn into an auction all about money quickly disappeared after myself and Christian Purslow had a long conversation with Joe," said the boss.
"Obviously he is going to be a high wage earner because he is a free transfer - he was at his previous club - and he would be worth a lot of money on the transfer market.
"We wanted to make it clear that we wanted him for football reasons and only if he fitted in with our wage structure.
"I'm pleased to say that Joe has chosen Liverpool to come and play football - and not because of the money. That's a very satisfying thing for me as a manager and for the club itself."
