Richard Hughes was rightly lauded after overseeing a staggering summer transfer window for Premier League champions Liverpool, but any positivity has been scourged away by the dreadful form that has fractured Arne Slot's reign.
Nine losses across 12 fixtures is bad enough, but the limp and toothless manner of many of the defeats - especially recent losses at Anfield against Nottingham Forest and PSV Eindhoven in the Champions League - underscores the severity of the crisis Slot is dealing with.
He needs to find answers, or else FSG will be forced into making a rare managerial dismissal. It's inevitable that discussion is increasing about the security of Slot's position.
That would be an outcome few of a Red persuasion would want, not least because of a shortage of options.
Jurgen Klopp's name has been bandied about, but this is not realistic.
Who Liverpool could replace Slot with
Klopp draped the curtain on his Liverpool dynasty at the end of the 2023/24 campaign. He was tired. It had been a tough, gruelling, heavy metal career on Merseyside, where he had devoted nine years to restoring Anfield as a global superpower.
Klopp's Silverware at Liverpool
Competition
Premier League
Champions League
FA Cup
Carabao Cup
Club World Cup
UEFA Super Cup
Community Shield
Data via Transfermarkt
There has been some discussion online as to whether FSG should push for a comeback, but this romanticised notion would fall flat.
Klopp is not the answer. His quasi-retirement has seen him assume the post of Head of Global Soccer for Red Bull GmbH, and it's important to remember that the German tactician's tactical shrewdness waned toward the end of his tenure. He was tired, after all.
Slot-Klopp-50-PL-games-timeless
But, if Slot is fired, Liverpool would need to find a replacement, and Spanish sources suggest Bournemouth boss Andoni Iraola is on the shortlist.
Iraola, 43, is one of the most exciting young managers in Europe, having shaped the Cherries into a front-footed and sharp attacking outfit.
andoni-iraola-bournemouth-premier-league
Compensation pay would be required to pull him away from the Vitality Stadium, but given Iraola's vision aligns with the club's long-term project, he might be the one to go for.
Why Iraola could be perfect for Liverpool
It was a bold move for Bournemouth to ditch Gary O'Neil after the pragmatic manager steered the club to safety after promotion to the Premier League in 2022/23. A bold move, but one carried out with diligence, for Iraola was earmarked as a progressive option.
And Bill Foley must be delighted. In 2023/24, Bournemouth recorded a record points total (56) in the Premier League, leading journalist James Horncastle to hail him as "the best coach in the Premier League" for his sharp-witted and positive approach.
Iraola likes aggressive and high-octane football. He is not as turbo-charged in his approach as Klopp, but the Spaniard would infuse Liverpool with more risk-taking and directness than Slot prefers, albeit still maintaining an emphasis on retaining possession.
This could play to the strengths of Florian Wirtz, who has had a tough time since joining Liverpool from Bayer Leverkusen for £116m in the summer.
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A silky and inventive attacking midfielder, the German has yet to register a goal involvement in the Premier League and has lacked the clarity and poise that was expected after the thrill of his official announcement.
There remains a world-class talent in there, and Wirtz's woes come with the caveat that he has entered a dysfunctional tactical system.
Iraola's focus on a 4-2-3-1 formation suggests that the 22-year-old could find a natural place at number ten. As per FBref, he does rank among the top 11% of positional peers in the English top flight this term for shot-creating actions and the top 4% for passes attempted and progressive passes per 90.
A pass is considered progressive if the distance between the starting point and the next touch is at least 10 meters closer to the opponent's goal or any completed pass into the penalty area.
This suggests that Wirtz has the potential to be a superstar in England, and Iraola can provide the stability and fluency of tactics to help realise that.
He might not be Klopp, but Iraola has labelled his tactics as being akin to "rock and roll". Klopp's famous branding of his vision as being 'heavy metal football' suggests that Liverpool might hit the jackpot by making this switch.
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No one wants to see Slot be sacked, but this pitiful form and level of performance cannot be allowed to continue, and Iraola has the acumen to revive Wirtz and bring the champions back into the ascendancy.
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Arne Slot's Liverpool tenure is crumbling before him, and FSG are considering changes.