Liverpool U19s exited the UEFA Youth League at the quarter-final stage after a penalty shootout defeat against Manchester City on Wednesday night.
With neither team being able to bag a winner in the second half, the game ended with a 1-1 scoreline, prompting a penalty kicks which the hosts went on to win 3-2 to progress to the semi-final against Barcelona next month.
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U19 manager Gerrard made once change to the team that defeated Manchester United in the last round. Goalscorer from that tie, Rafael Camacho, replaced the injured Elijah Dixon-Bonner.
After a largely uneventful first 20 minutes, City's Ian Carlo Poveda shook off a challenge from Adam Lewis on the right wing before sweeping a low shot wide of the near post from the edge of the area.
Liverpool quickly replied with a chance of their own as Jones released Bobby Adekanye through the City box but his cross to find Liam Millar in the middle was blocked by Eric Garcia.
However there was no mistake the second time around, as Liverpool countered Manchester City with 34 minutes on the clock.
A quick and efficient counter-attack saw Millar sprinting clear as the young Reds had the numerical advantage with 4 against 3. Jones controlled his cross and firmly slotted past Daniel Grimshaw from close range.
The Reds' lead did not last long, however with City quick to answer back. Lukas Nmecha's free-kick from the left corner of the box deflected off Ben Woodburn and beat Kamil Grabara as it made it's way in to the back of the net.
Liverpool could've taken the lead after the break, but Grimshaw reacted brilliantly to deny Conor Masterson after the young centre-back was set up just yards out by Adekanye’s cross.
City captain Lukas Nmecha was then unmarked in the centre to reach a right-wing cross but shinned his finish wide.
Grabara produced an outstanding and important stop subsequently, diving right to swipe away a volley from Felix Nmecha after the attacking midfielder's initial shot lofted up invitingly.
As the game came to a close, Adekanye's shot was saved by Grimshaw at his near post, whilst Grabara rushed out and prevented Rabbi Matondo from sealing his penetrative run with a goal.
George Johnston miscued a great chance at the back post in stoppage-time, meaning penalties were required to separate the two sides.
City were victorious from 12 yards, with Jones, Masterson and Herbie Kane the unfortunate youngsters to miss as the Reds suffered a cruel elimination.
Liverpool U19s: Grabara, N. Williams, Lewis, Masterson, Johnston, Kane, Camacho, Jones, Millar, Woodburn (Sharif, 81), Adekanye.
Unused substitutes: R. Williams, Jaros, Clayton, Boyes, Larouci, McAuley.