Liverpool have a number of potential transfer targets going into the 2026 January transfer window.
Amid continued woes at centre-back, Marc Guehi is an option for the Reds next month.
Liverpool are expected to U-turn on Guehi and bid for the stopper this winter, rather than trying to sign him for nothing when his Crystal Palace contract expires.
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Meanwhile, Antoine Semenyo has been linked amid his £65m release clause at Bournemouth becoming active in January.
But after spending over £400m on players this past summer, what sort of state are Liverpool in financially and can they actually afford to spend big this winter?
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Liverpool have no PSR problems
Well, Rousing The Kop have spoken to finance expert Adam Williams about the upcoming transfer window and exactly what the Reds are capable of doing.
He explained how, despite the recent big-money deals for the likes of Alexander Isak and Florian Wirtz, Liverpool have no PSR problems.
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He said: “When you’re looking at how much a club can spend in any given window, there are a few factors to consider, and it’s far from an exact science.
“The first one that everyone goes to is PSR, FFP or whatever you want to call it. Under the Premier League rules, Liverpool have acres of headroom, even after their spending in the summer.
“For one, they sold well and, on a net basis, their outlay was a lot more modest than many people realise. But even if they had sold no one, they would still be comfortable thanks to the way that FSG run the club – i.e., under a self-sufficient business model. The owners have still never put any money into the football side of Liverpool, nor have they taken any out.
“What’s more, the money the club spent this summer is amortised, which means only a fifth – or thereabouts, depending on player contract lengths – of the total will hit the bottom line in 2025-26. Under UEFA’s equivalent profit-and-loss test, they are going to be fine too. Yes, the wage bill will have increased pretty sharply, but they will still be able to absorb that with their existing revenue.
“Where things get slightly tighter is with UEFA’s Squad Cost Ratio rules, which limit spending to 70 per cent of revenue plus a three-year average of player sale profits. But again, Liverpool have plenty of grace here. By extension, the Premier League Squad Cost rules which are coming in from next season at an 85 per cent cap will be no issue either.”
Liverpool co-owner, John Henry, arrives to watch a team training session at their Melwood Training Ground
Photo credit should read PAUL ELLIS/AFP via Getty Images
How much Liverpool can spend in January
In terms of a potential January transfer budget, there is money available, but only if FSG are willing to spend.
Williams says that the Premier League champions could pay out £100m for new players if they wished.
He continued: “Clearly, Liverpool are looking for a centre-back. They nearly got Guehi in the summer, which suggests that they have the money ready to go. Depending on the structure of the signings they made, I don’t think FSG will need to break their habit of not putting external funds into the club to make that happen.
“Ultimately, if they want to spend £100m, there is nothing stopping them. Whether they will or not is entirely down to the owners. They have a £350m revolving credit facility – which you can basically liken to an overdraft – that they can use if cash flow is tight. And if a blue-chip centre-back is going to be the difference between qualifying for the Champions League or not, it makes sense to pay a bit of a January premium and get a deal done.”
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