The Fenway Sports Group (FSG) have prided themselves of self-sufficiency during their ownership of Liverpool.
While supporters have occasionally grown frustrated with what’s been perceived as a risk-averse transfer philosophy, the appointment of Jürgen Klopp allowed the Reds to function among the elites without relying on the financial might boasted by their counterparts.
They’ve spent when necessary, with big-money additions pivotal to their success under Klopp and current manager Arne Slot. The Dutch boss led the club to their second Premier League title off the back of a distinctly quiet summer transfer window, and their recent frugality on the financial front has allowed them to shift gears and opt for a drastically more gung-ho approach ahead of the 2025–26 season.
Liverpool have been uncharacteristically huge spenders this summer, and there are no signs of the Reds slowing down despite the need to adhere to the array of financial rules.
How Much Liverpool Have Spent So Far This Summer
Before reaching an agreement with Eintracht Frankfurt for Hugo Ekitiké’s services, Liverpool had spent approximately £215 million ($288 million) on five players. Once the French forward’s arrival is confirmed, the club’s spending this summer will close in on £300 million ($402 million).
The Reds moved quickly to replace Trent Alexander-Arnold by acquiring Jeremie Frimpong from Bayer Leverkusen for £29.5 million ($39.6 million), and signed Andy Robertson’s long-term successor from Bournemouth, Milos Kerkez, for £40 million ($53.7 million).
While rejuvenating both fullback positions was key for Liverpool this summer, the statement addition was made higher up the pitch as the Premier League champions beat Bayern Munich to the signing of Florian Wirtz from Leverkusen for a club-record £116.5 million ($156.3 million) fee. The arrival of goalkeeper Giorgi Mamardashvili from Valencia was agreed last year, but the Georgian has joined the club this summer and will operate as Alisson’s second-in-command.
The 24-year-old set Liverpool back £29 million ($38.9 million).
How Much The Rest of The Premier League Has Spent
It’s been a unique transfer window for Premier League clubs, with Chelsea and Manchester City’s participation in the expanded Club World Cup this summer allowing moves to be made from June 1 to June 10, before the window opened again on June 16.
By mid-July, Premier League clubs had combined to spend just over £1 billion ($1.34 billion)—a record figure by that date. With less than 50 days of the window remaining, there’s still plenty of work to do if the record £2.36 billion ($3.17 billion) paid by Premier League clubs in the summer of 2023 is to be topped.
Liverpool and Chelsea are carrying the brunt of the load, with the Blues the league’s highest spenders before an agreement is struck for Ekitiké. The world champions, according to Transfermarkt, have splashed out £211m ($283 million) and have been heavily reimbursed via their work in the United States this summer.
Manchester City have been proactive in their midfield rejuvenation, with their splurge on the likes of Rayan Cherki and Tijjani Reijnders adding up to £125.7 million ($168.6 million), while Arsenal and Tottenham have each spent slightly more than £120 million ($173 million) on multiple new arrivals.
Newly-promoted outfit Sunderland have been big spenders, too, in the hope of enjoying a competitive campaign in the top flight, unlike those who came up last year. The Black Cats’ squad overhaul has so far cost them £100.5 million ($134.8 million).
Are Liverpool in Danger of Breaking PSR Rules?
This is already the most expensive transfer window in Liverpool’s history, with their previous spending record set in the summer of 2018 (£161.3 million, $216.3 million) comfortably bypassed. That window saw Alisson and Fabinho, key to the club’s Premier League and Champions League success under Jürgen Klopp, arrive on Merseyside.
Their major summer splash ahead of the 2025–26 season has some questioning whether the Reds are at risk of breaking the Premier League’s Profit and Sustainability Rules (PSR), but Liverpool are operating from a position of financial strength this year after their quiet 2024 on the transfer front.
According to PSR rules, clubs are permitted to record £105 million ($140.8 million) in losses over a three-year period. While Liverpool have spent plenty, they are projected to have made over £700 million ($937 million) in turnover (per The Athletic) for 2024–25 and have earned £48 million ($64.4 million) from the sales of Caoimhin Kelleher and Jarell Quansah alone.
They’re making more money than ever and, according to The Athletic, are the most profitable club in England.
Luis Díaz and/or Darwin Núñez could yet be sold, too, so Liverpool may come closer to balancing their books before the end of the window.
How Much More Can Liverpool Spend?
Liverpool posted a positive PSR margin of £48 million ($64 million) for the previous financial year, so there’s scope for the Reds to spend even after the arrival of Ekitiké.
This figure, combined with the £105 million in losses all Premier League clubs are permitted over three years as per PSR rules, essentially offers the Reds £153 million ($205 million) in leeway.
The beauty of amortisation allows Liverpool to spread the costs of their summer transfers over the length of each new arrival’s contract, easing the financial burden and the likelihood of them falling foul of the Premier League’s rules.
While we cannot put an exact figure on how much more Liverpool could spend this summer, there’s a sense, thanks to increased revenues, previous inactivity, and amortisation among other factors, that the club could yet conduct more lucrative business before the end of the summer transfer window.
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This article was originally published on www.si.com as How Liverpool Can Afford Record-Shattering Transfer Spend.