The Reds owner confirmed that a bid from Arsenal for Suarez was rejected during last summer's tense transfer negotiations.
Arsene Wenger's side submitted a bid of 49,000,001 euros in an attempt activate the Uruguay international's clause but the Reds said the player only needed to be informed of offers of more than 49 million euros and were not obliged to sell.
Liverpool maintained its no-sale stance regarding Suarez throughout the summer transfer window and the forward signed a new long-term deal with the club in December.
"He had a buyout clause of 40 million euros. Arsenal, one of our prime rivals — this year we're tied for second — we're actually second because of goal difference — offered 40 million euros plus 1 euro.
"What we've found is that contracts don't seem to mean a lot in England — actually, in world football. It doesn't matter how long a player's contract is, he can decide he's leaving.
"We sold a player, Fernando Torres, for 50 million euros, that we did not want to sell — we were forced to. Since apparently these contracts don’t seem to hold, we took the position that we're just not selling. It's been great for Luis, it's been great for us."