The Transfer Window

Liverpool is winning the transfer window! Or is it Arsenal? It goes without saying that Chelsea spends, spends, spends. City has been in the market, but not at the same level as its rivals. However, if we add their January spend to the summer, would that make them transfer window champions? Based on Teamtalk’s net spend ranking at the time of writing, the answer would be “yes”!

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Transfer Hysteria

Where does all this talk and excitement about the transfer window come from? Let’s take a trip down memory lane. Liverpool signed striker Tony Hateley from Aston Villa for £100,000 in 1967. Tony had his moments, but they only lasted for just over a season. What felt like an exciting signing at the time soon fizzled out. Liverpool’s leading goal scorers of the era came through the ranks, with Roger Hunt leading the way. That was the way it was for many of the key players in the Bill Shankly years. A significant transfer might have felt exciting like Hateley in some cases, but overall, they didn’t have the same impact as they do in modern football. Understanding this historical context is crucial for appreciating the evolution of the transfer market and its impact on the game in 2025.

The transfer window was introduced in England for the 2002-03 season. Its role was to provide contractual stability for players and clubs, preventing agents from making deals that could jeopardize a player’s performance during the course of the season. Managers also had the benefit of being reassured that players would not leave on short notice. Planning for them would be easier. That was the theory if nothing else.

A Humbling Window With Unhumble Results

A year ago, Liverpool was in the midst of a critical process to replace Jürgen Klopp, a legendary manager in the club’s history. Arne Slot, a relatively unknown figure, was their choice. He arrived with little fanfare. Compared to their rivals, the Reds made little effort to bolster their squad to help the new guy. Some were incensed. Were the owners, FSG, a group known for their focus on financial sustainability, supporting Slot? Was this a show of comparative unambition?

The only serious transfer target, Martin Zubimendi, failed to materialize. Moreover, Zubimendi played in a position where the Reds had been turned down by a procession of players in recent years. Tchouaméni, Caicedo, and Lavia, highly touted defensive or holding midfielders, opted for other destinations. In fact, the latter two both chose the same club, Chelsea, leading some in the LFC fan base into meltdown. FSG was not prepared to spend and lacked the necessary ambition to be successful. 

Vocal critics let us know FSG never spent their own money, unlike the owners of rival clubs. Mediocrity was all we could expect under their leadership. Federico Chiesa was the only LFC addition. Chiesa was a brilliant player, but injury-prone, a token signing at a fire sale price. Liverpool had comprehensively lost the transfer window in the EPL. 

Of course, history has shown that, despite the lack of transfer activity, Liverpool claimed the Premier League title with relative ease. Perhaps the critics underrated the squad Arne Slot inherited? Klopp left his successor a strong foundation on which to build. In LFC terms, was history repeating? Shankly left his predecessor Bob Paisley a strong foundation on which to build.

A Flipping Of The Script

This summer has seen a different story. FSG has splashed the cash big time. The critics have long forgotten the cries of a year ago. Wirtz, Frimpong, Kerkez, and Ekitike have all arrived in quick order. Apparently, either Isak, Rodrygo, and Guehi are soon to follow. The narrative has changed. Liverpool is already better than they were last season, multiple trophies are on the way, and nobody else can compete with this squad.  Liverpool has won the transfer window! The feeding frenzy of the transfer window is way over the top.

At the start of the current transfer window, football finance expert Kieran Maguire informed us that Liverpool could comfortably spend £250m under PSR guideleines as they chased Florian Wirtz, a marquee target for Europe’s leading clubs. When FSG landed him, it was probably the first time since John Barnes in 1987 or Kenny Dalglish a decade earlier that the Reds had landed this kind of stellar signing. Liverpool has signed exciting attackers over the years, including Fernando Torres, Luis Suárez, Sadio Mané, and Mohamed Salah. These, however, were great footballers on the rise, yet to reach their full potential and with question marks against them. Wirtz, in contrast, was highly coveted and a potential top choice for all of the European powerhouses.

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Maguire’s analysis was not welcomed by me as it set expectations for sections of the fanbase that may ultimately never be satisfied. From Jürgen Klopp onwards, FSG has demonstrated time and again that they do not spend for the sake of it. Presumably, they are forking out now because they can, and Sporting Director Richard Hughes, in conjunction with Arne Slot, is providing an overhaul to an already strong squad that they hope will take it to another level. 

Looking back on the 2024-2025 season, the squad was strong enough to have a great season, thanks to its personnel, the manager’s effective management of injuries, and a slice of good luck. However, when the Reds suffered several defensive injuries in January, the moaners were out in force again, demanding that Liverpool sign. This is unlikely to change. Liverpool’s spending potential is now transparent. There will be greater expectations now for every coming transfer window.

In the coming weeks, should Liverpool make two or three more significant signings, will that mean they will be better? It’s not so straightforward. Liverpool has lost Trent Alexander-Arnold, with Luis Diaz and Darwin Nunez to follow. Maybe, even Ibrahima Konate. That’s three starters from a championship-winning side plus a striker, who, whilst enigmatic, would fetch a good price in the transfer market. Combined, these players would fetch around £150m. 

Refilling The Account, But At A Price

Liverpool will need to recoup transfer money, and FSG has always preached financial sustainability. That leads the conversation to Liverpool’s Academy players. The Reds have a promising group of youngsters who have demonstrated their capabilities, even with limited opportunities. Transfers of these players yield pure profit for the club. Already this summer, the Reds have brought in nearly £50m from Academy sales. Harvey Elliott, Ben Doak, Tyler Morton, Rhys Williams, Kaide Gordon, Owen Beck, Luca Stephenson, and several others are potential sales. Some will need to be sold to balance the books. 

From a business perspective, the plan looks good, but on the flip side, could the manager have a smaller squad to operate with as the club seeks success on multiple fronts? What happens if there is an injury crisis? Academy players are needed for the squad.

Based on the past, it doesn’t mean FSG will spend big again to solve injury problems. This summer’s spending may heighten future expectations for transfer windows, but I believe they will remain practical and not sign for the sake of it. Vocal fans who are easily dissatisfied need to appreciate that it’s not guaranteed that FSG will spend similarly next summer. I don’t anticipate the Reds becoming another Chelsea with a revolving door of comings and goings to the squad.

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In his first campaign, Arne Slot showed himself to be shrewd in the way he took the reins at Anfield. This season, he will need to integrate new talent into the system while maintaining the team spirit that has become a key factor in Liverpool’s success from Jürgen Klopp onwards. The level of players Liverpool is buying is not developmental. It may mean past regulars seeing less time. This will affect team chemistry. The current rebuild appears to be sizable, and while the talent level is high, continued success is not a given. At this moment, Liverpool is only better on paper than they were last season.

So that is the transfer window. A time in the soccer year when some fans appear more excited about what happens in the transfer market than what they see on the playing field. Liverpool seems well placed to “win” this summer’s transfer window. Big deal! I would prefer that they were adding to their silverware collection in 25-26. What do I know? The days of Tony Hateley are long gone.

YNWA