Since the start of the summer, Liverpool has spent approximately 250 million USD to acquire Florian Wirtz, Milos Kerkez, and Jeremie Frimpong. But they have no intention of stopping there. According to The Athletic, the reigning Premier League champions have reached an agreement to sign striker Hugo Ekitike from Eintracht Frankfurt for 111 million USD.

Once the Ekitike deal is finalized, the Anfield club's total summer spending will be around 360 million USD. This would be the second-highest figure in the history of an English football transfer window, only behind Chelsea's 530 million USD in the summer of 2023.

Ekitike is Liverpool's next blockbuster signing, once the transfer from Frankfurt is complete. Photo: Reuters

Ekitike is Liverpool's next blockbuster signing, once the transfer from Frankfurt is complete. Photo: Reuters

This figure is staggering by any measure. To put it into perspective, with this amount, Liverpool could buy a starting eleven entirely composed of players like Sadio Mane—who became the most expensive African player in football history in 2016 for 30 million USD—and still have money left over.

When Mane joined Liverpool, then-manager Jurgen Klopp reacted strongly to Paul Pogba's return to Man Utd for nearly 134 million USD. The German coach implied he would choose a different career path rather than manage if such transfer fees became the norm. "The day this sport is only about money, I'm not in a job anymore, because the game is about creating a bond," Klopp said at the time.

Even when Klopp left Liverpool in the summer of 2024 for a different role—Global Football Director of the Red Bull group—he remained the most frugal spender among the Premier League's "Big 6" managers. During his tenure at Anfield, Klopp frequently criticized Man City, Newcastle, and Chelsea for their lavish spending in the transfer market.

But now, Klopp's former club seems to be following the path he once criticized. The aggressive spending spree of the summer of 2025 raises questions: Is Liverpool pursuing double standards? Are they abandoning their previous strategy, discarding years of prudent financial management at all levels, and plunging into the transfer market like the giants from Saudi Arabia?

Klopp pursued a prudent spending policy throughout his 7 seasons managing Liverpool. Photo: Reuters

Klopp pursued a prudent spending policy throughout his 7 seasons managing Liverpool. Photo: Reuters

Liverpool's owners, the American group Fenway Sports Group (FSG), may be considered conservative. But in reality, they are also willing to let the club spend freely, both on transfer fees and wages, when resources allow and the situation demands it.

One of the reasons for Klopp's success at Liverpool was his alignment with FSG in the transfer market. Their goal was clear: buy low or high, but sell for more and reinvest. Under Klopp, Liverpool achieved great success with record signings like Virgil van Dijk (96 million USD) and Alisson Becker (91 million USD). But these deals were only possible thanks to the sale of Philippe Coutinho to Barcelona in the summer of 2018 for a similar total value.

With subsequent Champions League and Premier League titles, Liverpool's operations improved. Under the right leadership, they could generate more revenue from club assets. Meanwhile, Liverpool's commercial vision expanded, and Anfield was gradually upgraded, generating greater revenue and thus increasing financial strength.

During Klopp's 7 seasons, Liverpool played in the Champions League 6 times, reaching the final three times—winning in 2019, finishing second in 2018 and 2022, and winning the Premier League in 2020. Last season, under new manager Arne Slot, they won the Premier League again despite being quiet in the transfer market.

When their financial report was released at the end of May, Liverpool recorded the highest "central payment"—revenue distributed to clubs based on television and commercial rights—from the Premier League. Although Slot's team was eliminated by PSG in the Champions League round of 16 last season, their near-perfect group stage performance brought in about 120 million USD for Liverpool. And unlike 2020, FSG does not have to cut spending due to pandemic-related instability.

Wirtz (left) and Frimpong are two of Liverpool's expensive new signings this summer. Photo: Liverpool FC

Wirtz (left) and Frimpong are two of Liverpool's expensive new signings this summer. Photo: Liverpool FC

Liverpool has indeed spent heavily on new players and new contracts, retaining Virgil van Dijk and Mohamed Salah. But they also have the corresponding revenue streams to offset these expenses. This summer, Sporting Director Richard Hughes sold two academy players, bringing in 60 million USD in net profit after deducting all costs, including opportunity costs. And they can still generate more revenue by selling other players who are not essential to the club.

Darwin Nunez has not met expectations on the pitch but still has a good market value—around 50 million USD according to Transfermarkt. Similarly, Luis Diaz, although 28 years old, is valued at around 81 million USD and is being targeted by Bayern. Others include Harvey Elliott (35 million USD) and Federico Chiesa (16 million USD).

Overall, despite the significant spending since the beginning of the summer, the reigning Premier League champions still have room in their budget to bring in at least one more major signing. FSG and Liverpool have been criticized for not capitalizing on their success to spend more aggressively. But instead of trying to save while competing with Man City, they are now looking for ways to surpass their rivals.

Hoang Thong (according to The Athletic)