"We don't have the resources of Chelsea, but we have a top class coach in Rafa," said Parry. "He's the best at getting the best out of the resources at his disposal.
"We never saw him as a gamble. It was about appointing a good manager and the prime target was winning the championship. I suppose you always take a gamble with someone who's not won one.
"But the prime criteria was having a proven track record and they don't come any tougher than winning La Liga. For someone to do that twice against the likes of Real Madrid and Barcelona is very impressive.
"We had talks with senior players like Stevie, Carragher and Owen beforehand, because that makes sense. We asked them who was the best side we'd played in the last five years, and the answer was Valencia.
"There were no shortage of people interested. But we wanted someone young and ambitious, not someone looking for a pension plan.
"Rafa ticked every box but how lucky were we that he was available and looking for a new challenge. He is terrific and everything we said when we appointed him is being borne out. Ironically he is a victim of his own success in a way.
"We had some highs over the first half of the season - who'd forget Olympiakos and Arsenal? In August we said it was a transitional period. Then come January, it's Liverpool in crisis! You've got to get things in perspective.
"Our level of expectation is winning the title. It's a very, very high standard. Nothing less is good enough, and Gerard Houllier fell victim to that.
"It goes with the territory at Liverpool. But let's not judge Rafa on his first season, or others's last season.
"We had barren spells in the 1960s and you can't turn it around overnight. We are perfectly happy with his aspirations but you can't do it at once without a blank cheque."