When it comes to investment, Fenway Sports Group’s legacy at Liverpool is complicated.
To date, FSG have yet to put a penny into the football side of the club.
However, the Boston ownership regime have sanctioned hundreds of millions of pounds of investment in the expansion of Anfield, building the AXA Training Centre, and scaling the club commercially.
Since 2010, that has allowed Liverpool to grow slowly but sustainably. And while they are enduring a trying season on the pitch in 2025-26, they are one of world football’s superpowers once more.
Tom Werner was clear about FSG’s vision from the start
If and when Fenway leave, who do you want to see take over?
TalkingPoints creative featuring FSG and Liverpool chairman Tom Werner
Tom Werner TalkingPoints creative Credit: Winslow Townson/Getty Images
The £450m Liverpool spent in the summer was the crescendo of years of planning as FSG tooled up for the next era of their ownership. They have followed that up with a January deal worth up to £60m for Rennes defender Jeremy Jacquet though the 20-year-old will not join up with Arne Slot’s squad until the summer.
That takes their committed spending this season past £500m, albeit offset by about £200m in sales.
In turn, that means Liverpool’s financial data for the season will include a rare phenomenon.
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Liverpool’s wage bill exceeded by transfer spending
When Deloitte published their annual Football Money League in late January, it revealed that Liverpool spend around £421m on wages in their title-winning season, more than any other Premier League club.
At 60 per cent, their wages-to-revenue ratio was higher than the majority of clubs in the top 20 revenue generators worldwide and, besides free-spending Chelsea, was the highest in the so-called Big Six.
John Henry, Principal owner of Liverpool can be seen in stands prior to the Premier League match between Liverpool FC and Brentford FC at Anfield on August 25, 2024 in Liverpool, England.
Photo by Michael Regan/Getty Images
The addition of Jacquet meanwhile – although it will not go through until the summer and, like most of Liverpool’s signings this season, is likely structured in instalments – means that the Reds will have committed more in transfer fees in 2025-26 than they did in wages.
That’s rare in football finance, where a club’s wage bill is almost always a bigger expense than the cost of new signings.
“While compared to their peer group, that wage bill might be a little bit toppy, the 2025 ratio includes the bonuses for winning the Premier League,” says University of Liverpool football finance lecturer and Price of Football podcast host Kieran Maguire, speaking exclusively to Rousing The Kop.
Are Liverpool getting good value for money from their £421m wage bill?
FSG pay more than anyone else in the Premier League
Liverpool U18 v Derby County U18: U18 Premier League
Photo by Nick Taylor/Liverpool FC/Liverpool FC via Getty Images
“Through a fiscal lens – and Arsene Wenger used to allude to this at times – it makes far more sense to finish 2nd in the Premier League than 3rd because you don’t have to pay out those bonuses and you only get £3m less in prize money. You might pick up some bonuses from Standard Chartered but that will be engulfed by the bonuses to players and staff.
“Liverpool are, to a certain extent, a victim of their fantastic performance on the pitch last season.”
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