In a season where Chelsea have reportedly committed to spending £604.7m on 18 new players under new owner Todd Boehly, Liverpool’s rather restricted transfer policy under owners FSG continues to face increasing criticism.
By comparison, the Reds spent an initial £113.9m across the 2022/23 season when bringing in Darwin Nunez (£64m), Calvin Ramsay (£4m), Fabio Carvalho (£5m), Cody Gakpo (£37m), and Arthur Melo (£3.9m loan fee). Of course, having nearly won an unprecedented quadruple last year and won every major honour going since 2019, Jurgen Klopp’s side were hardly starting from as far back as the Londoners.
They had already built their side once, after all. But even then, FSG and Klopp have never resembled the proverbial kid in a candy shop in contrast to Boehly’s scattergun transfer approach.
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Their biggest transfer outlay was the £174.25m spent on Naby Keita, Fabinho, Xherdan Shaqiri and Alisson Becker in the summer of 2018, while their busiest window came in summer 2015, at the start of Klopp’s first full season in charge, when Liverpool brought in Sadio Mane, Gini Wijnaldum, Ragnar Klavan, and Loris Karius for a combined £69.8m, with Joel Matip and Alex Manninger also signing on free transfers.
Admittedly, both records could perhaps be broken in the summer with the Reds plotting a midfield revamp, with first-choice target Jude Bellingham likely to cost a club-record fee totalling over £100m if Liverpool were to be successful in their pursuit of the Borussia Dortmund star.
However, any business at Anfield will pale in comparison to what we are witnessing at Stamford Bridge. But it’s not just Chelsea who are showing up the Reds’ limitations in the transfer market by comparison.
In January, Newcastle United took their outlay under the Saudi Public Investment Fund to £261.3m , having brought in 11 players over the space of 12 months. Such activity would include a club-record £63m on Alexander Isak, £45m on Anthony Gordon, and £40m on Bruno Guimaraes.
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Manchester United reportedly spent a combined £228.5m when bringing in Tyrell Malacia (£14.7m), Lisandro Martinez (£57.5m), Casemiro (£70m), and Antony (£86.3m) in the summer, along with the acquisition of Christian Eriksen on a free transfer. That doesn't include the subsequent loan fees required for Martin Dubravka, Jack Butland, Wout Weghorst, and Marcel Sabitzer.
Tottenham would spend £188.4m on 11 new signings, including £60m club-record signing Richarlison, with such a total set to rise should they make Dejan Kulusevski, Clement Lenglet, Arnaut Danjuma, and Pedro Porro's loan moves permanent. And even Arsenal, without the riches of Champions League football since 2016/17, have reportedly spent £181.7m on eight new signings this season.
As for Man City, like Liverpool their starting point was perhaps not as far back as these wannabe title hopefuls. Yet, backed by Abu Dhabi billions, they still spent £144.2m on Erling Haaland (£51.2m), Kalvin Phillips (£45m), Manuel Akanji (£15m), Julian Alvarez (14m), Sergio Gomez (£11m), and Maximo Perrone (£8m).
Given Liverpool’s struggles this season, faced with an ageing, injury-prone squad stuck in transition, it’s understandable why frustrated supporters have pointed the finger in FSG’s direction. If only they had invested more significantly in Klopp’s squad over the years, perhaps the Reds could have avoided this year’s step backwards which will almost certainly leave them trophyless, even though they are currently well-placed to recover enough to qualify for next year’s Champions League.
Having tried to sign Aurelien Tchouameni from AS Monaco last summer, only to be informed he only had eyes for Real Madrid as he completed an £85.3m move, Liverpool were clearly interested in strengthening their midfield last year. But when it became clear the Frenchman would be beyond their grasp, rightly or wrongly, they opted to keep the powder dry and wait for Bellingham instead.
Such a stance has repeatedly been criticised, and rightly so given the Reds’ engine room remains in strong need of a revamp. Liverpool would overhaul their attack at least, bringing in Luis Diaz for an initial £37m in January 2022 prior to the signings of Nunez and Carvalho, while waving off Mane, Takumi Minamino and Divock Origi, last summer, and Gakpo back in January.
Yet that stance won’t change, with owner John W. Henry confirming as much, while alluding to rival clubs' own differing business, in an exclusive interview with the ECHO.
“We remain fully committed to the long-term success of the club,” the American said. “That has been the case since day one in 2010. Our efforts every day have been and continue to be focused on the long-term health and competitiveness of the club.
“Investment in the club is never for the short-term. This approach has been successful over the long haul with patience necessary from time to time…
“We continue building at Liverpool Football Club in a responsible manner. We’ve seen many football clubs (including LFC previously) go down unsustainable paths. We have and will continue to focus our attention on investing wisely in the transfer market and we remain incredibly proud of our squad.”
Both Klopp and assistant manager Pep Lijnders have been on the record this season admitting that there is a pressure on Liverpool to get every transfer right as a result, with the Reds not having the funds of their rivals to be free to gamble and risk failure.
“The way this club is led is by not splashing the money and having a look at if it works out or not,” Klopp said last month. “Our transfers always have to be on point. So that makes it really tricky where we cannot make four transfers before we know who will leave the club...
“It’s obviously different to other clubs, that’s how it is. But it worked out so far and we have to see if it will work still or if we have to adapt.”
“I think we invested well,” Lijnders insisted last November. "If you look to our last year, bringing in Luis Diaz in the winter. It was a massive signing and needed. I said it was like water in the desert, to give the last push.
"Darwin will be a good signing. For me he is already a good signing but he will be a good signing. So young, so hungry. He can create five chances by himself in the game. A proper striker, an addition to what we didn’t have, the type.
"Then you have Calvin and Fabio. Young players who come in. Before that, Ibou Konate and Jota. These are all signings who were bullseyes.
"We cannot afford to buy and not be right. We can only afford to buy to be right. And it has to add something to our team. Something special, something new. Jota added something new, something special. Luis Diaz added something new, something special. Ibou Konate added something new, something special.
"We have to be right and that’s what we search for…You need to be right with your signings and I believe we were right. Do people want to see one or two or three or four more players? Of course! Everybody wants to see, the outside world.
“We prefer to have the right one, and to really work with. And give time for young ones, to really work with. Add and renew the team, make it younger, add the academy. Give talent a chance and to buy the top one who influences the first XI immediately like Luis, like Jota, like Ibou, like Kostas.
"I think we invested. What people will want to see is transfers is the one thing. Building a club and building a long-term successful relationship has much more to do than just the transfers."
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At least Liverpool can argue that the majority of their transfers do remain ‘on point’, even if recruitment is controlled. Their attacking overhaul over the past 12 months, has proven to be a success after all.
When sporting director Julian Ward was announced as Michael Edwards’ successor, he was tasked with the most daunting prospect of revamping Liverpool’s ageing front line. The triumvirate of Mane, Mohamed Salah, and Roberto Firmino had served the club well, winning every honour there was to win, but was ageing, with all three out of contract in 2023.
Already steering the ship and responsible for Diaz's arrival the previous January prior to officially replacing Edwards, Ward would tie down Salah to a new contract, while managing to sell Mane for a profit to Bayern Munich after it became clear he wanted to move on. Meanwhile, Firmino will leave as a free agent this summer, but once one of the first names on Klopp’s teamsheet, the Brazilian has already suitably been replaced courtesy of their business over the past 12 months.
Diaz was a revelation after joining from FC Porto last year, and played a leading role in Liverpool’s unprecedented quadruple charge. He was also a star performer as the Reds struggled in the opening months of the season. Sidelined since October with a knee injury, he has been a big miss for Klopp’s ranks.
In his absence, Klopp has uncovered a new-look attack at least, with Nunez and Gakpo both now finding their feet after joining from Benfica and PSV Eindhoven respectively. They have provided a combined 18 goals and four assists so far this season, and are now starting to thrive. This was most evident in Sunday’s 7-0 thrashing of Manchester United, as both scored braces along with Salah.
What makes their eye-catching displays even more impressive is the fact that they are being unleashed in initially unlikely roles as an inverted left-winger and false nine respectively, with Nunez predominantly a striker and Gakpo more a winger prior to arriving at Anfield.
When named in these new roles, with Salah on the right, Klopp has selected his new front three from the start in such a set-up just four times. Yet across those four games, they boast four goals each, with the Egyptian registering four assists and Nunez also setting up one goal. With both new forwards still aged 23, they will both only get better.
There have been times when Liverpool’s new attackers have had their critics this season in amongst the Reds’ struggles. Nunez endured a rollercoaster start to his Anfield career as he was guilty of a number of misses in front of goal, while Gakpo initially made a minimal impact as he was swapped between two roles.
But now both have found rhythm and Klopp has uncovered something that works. Replacing Liverpool’s famous front three was once so daunting, but with Firmino now set to follow Mane out the exit door, the Reds arguably have their replacements in place for the next 10 years. As a result, their next attacking conundrum will be an eventual successor for Salah, but with Diaz and Jota just entering their peaks and the likes of teenagers Harvey Elliott, Kaide Gordon, and Ben Doak catching the eye, such a player could already be at Anfield.
With this attacking revamp successfully completed as a result, Ward will now turn attentions to Liverpool’s midfield before his own departure this summer. With James Milner, Naby Keita, Alex Oxlade-Chamberlain, and Juventus loanee Arthur not contracted beyond the end of the campaign, and Fabinho soon joining Jordan Henderson and Fabinho on the wrong side of 30, plenty of surgery needs to be completed.
While the Reds might currently boast 11 senior options, such players are a mixture of ageing, injury-prone, out-of-contract, and raw potential. Yet, with the likes of Elliott and emerging star Stefan Bajcetic already in place, Liverpool have something to build around.
The Reds will still need at least two, if not three, new midfielders come the summer as Klopp looks to forge a new engine-room. Though it is some consolation that Fabinho and Henderson’s recent upturns in form suggest neither are ready for the scrap heap just yet, permitting a more gradual succession in the process.
Liverpool might be willing to break their club-record to sign Bellingham come the summer, but they still cannot afford any new arrival not to be right. Given the fee the England international is likely to demand, that pressure would only increase when it comes to the rest of the Reds’ potential business, while it is already higher anyway given their plight this year compared to their usual high standards alongside their rivals' own increased spending and returns this season.
But while their path to building a new-look attack has proven to be bumpy, Liverpool are now enjoying the rewards. With their attacking overhaul 'on point', one only hopes Ward, still responsible for this summer's transfer activity, will now enjoy similar success revamping the Reds’ midfield before his own Anfield exit, and can provide the perfect farewell present in the process before handing over the sporting director reins.
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