After winning the Premier League title by 10 points last season, Liverpool has wasted no time at all in getting on with improving Arne Slot's roster ahead of the new campaign. In just two weeks, the Reds will reconvene for pre-season.
By that point, though, Florian Wirtz, Jeremie Frimpong, Milos Kerkez and Armin Pecsi will all be through the door in terms of incomings. There might even be more developments on that front by then, while several players will have moved on amid interest from various places in the likes of Jarell Quansah, Harvey Elliott and Darwin Nunez, to name just three.
Liverpool has done no messing about in the market, moving early and decisively, but there is plenty more where that came from still to unfold, with a number nine and a center-back appearing logical next priorities.
Already, Liverpool has spent a total of around $239 million (£176 million) in the transfer market — including the deal for Giorgi Mamardashvili that was agreed last summer and all the potential add-ons — and before long, Kerkez could add to that by another $54 million (£40 million).
The club-record deal for Florian Wirtz, which could become a British transfer record if all the add-ons are met, has drawn the most eyeballs, understandably. Liverpool doesn't often spend that big.
The reality, though, is that while Liverpool has splashed the cash already — and looks set to continue doing so — it didn't spend anything substantial in Slot's first summer at the helm. A year ago, Federico Chiesa was the sole purchase at just $13 million (£10 million).
Liverpool head coach Arne Slot.
Liverpool head coach Arne Slot. (Image: Nikki Dyer - Liverpool FC via Getty Images)
Liverpool then didn't buy anyone in the January window, either, despite calls to bolster its chances of winning the Premier League title by doing so, and so has saved up long enough to make a significant splurge.
Beyond that, though, it is selling extremely well. Quansah, by all accounts, will move to Bayer Leverkusen for a fee of around $46 million (£34 million), and it would be a surprise if Nunez and Elliott didn't leave for more than that.
Add in Chiesa, Tyler Morton, Andy Robertson and others, and the amount of sales that sporting director Richard Hughes will be overseeing could cumulatively cover the Wirtz transfer fee and then some.
The key lies in selling players as effectively as buying them. In Quansah, for instance, Liverpool will bring in a higher fee than Arsenal ever has for a departure, its record standing at the deal that saw Alex Oxlade-Chamberlain move to Anfield.
This article contains affiliate links, we will receive a commission on any sales we generate from it. Learn more
Fanatics Official Sports Apparel — Liverpool
And in Nunez and Elliott, Liverpool could sell two more fringe players for more than what the Gunners have. Arsenal's second biggest sale was Nicolas Anelka to Real Madrid a quarter of a century ago.
While Manchester City cited economic reasons for pulling out of the race for Wirtz, that claim can be called into question. Pep Guardiola's side has spent $396 million (£293 million) so far in 2024; Wirtz was simply enticed by the superior Liverpool pitch.
While Liverpool has spent big, then, there is no reason for Hughes and co to slow down. The Reds are in a strong financial position and are taking no chances by committing large sums, while the wage bill has already been trimmed by the exit of Trent Alexander-Arnold and the volume of departures will only cut it even further.
It might look like Liverpool is suddenly spending at a rapid rate out of nowhere, but the plan is the same. The Reds have moved for a game-changer in Wirtz and some sensible additions elsewhere, but the sustainable economic model remains.