Welcome to our live coverage of Liverpool vs Crystal Palace in the Community Shield at Wembley (3pm kick-off).

The annual curtain raiser sees the Premier League champions take on the FA Cup winners.

The Reds romped to the title last season and, with less than a week to go until the new campaign kicks-off, they will be hoping to add more silverware to the club's bulging trophy cabinet today.

Liverpool 2-2 Crystal Palace highlights and reaction as Reds lose Community Shield after penalty shootout	Liverpool 2-2 Crystal Palace LIVE: Reds lose Community Shield after penalty shootout	Liverpool 2-2 Crystal Palace

That was the first major trophy in the South London club's history.

But all is not well at Selhurst Park with manager Oliver Glasner frustrated by the club's lack of activity in the transfer market for the second summer running.

And it could get worse for Glasner with captain Marc Guehi a target for clubs before the close of the transfer window on September 1.

One of those clubs is Liverpool, who have already committed to nearly £300m in transfer fees in a huge summer of ins and outs at Anfield.

Florian Wirtz, Hugo Ekitike, Milos Kerkez, Jeremie Frimpong and Giorgi Mamardashvili could all make their official debuts this afternoon.

And it was Ekitike and Frimpong who put the Reds in front, scoring either side of a Jean-Philippe Mateta penalty.

But Palace levelled through again Ismaila Sarr to force the content to penalties.

And with Mohamed Salah, Alexis Mac Allister and Harvey Elliott missing for Liverpool, and only Cody Gakpo and Dominik Szoboszlai scoring, they lost 3-2 to the Eagles, for whom Mateta, Sarr and then finally Justin Devenny netting.

Our Liverpool reporting team of Paul Gorst, Ian Doyle and Theo Squires are at Wembley to bring you an in-game commentary stream and the best post-match reaction and analysis.