I was looking at their signings and they did have plenty of money but it got wasted on bad players. Like they bought Dean Saunders for a record english record £2.9m (Shearer went for £3.2m the season after).
90-91 - 2.2 vs 0.8
91-92 - 3.6 vs 2.6
92-93 - 3.8 vs 4
94-95 - 6.7 vs (-3.7)
95-96 - 12.3 vs 1.3
96-97 - 7.5 vs (-0.3)
97-98 - 4.5 vs 15.5
98-99 - 17.5 vs 11.7
99-00 - 14.5 vs 13.7
Total Liverpool Net spending during the 90s = £75.6m
Total United Net Spending during the 90s = £46.3m
Edit - Got the numbers from a Liverpool website so you'd imagine it wouldn't be biased in our favour.
http://www.liverpool-kop.com/2012/08/lfc-vs-man-utd-21-year-grossnet.html
Class of 92 was Giggs, Scholes, Butt and Neville brothers
Liverpool had McManaman and Fowler who were both meant to be really good from what I've read so they had about 30m extra to spend on finding the equilvalent of Butt and Gary+Phil Neville.
It kind of sounds like a myth that we got lucky from the class of 92/sky money and it sounds more like Liverpool fecked it all up themselves and the only difference was Fergie who came in at the right time to just dominate the league.