Liverpool have been forced to take a major financial hit in allowing Cole to go on loan for the season, and have agreeing to continue paying around half of the player's wages.
That amounts to almost £50,000 a week for a player who will not even be in their squad, but the gesture does strengthens the Kop's relations with Lille, which could prove important in the future.
The Reds are long-term admirers of the French club's exciting young winger Eden Hazard.
In-demand Hazard has chosen to stay for another season with the team, but is expected to leave next summer in a big-money transfer - and Liverpool now have a head-start in any deal.