Liverpool’s summer transfer window has officially reached the “one in, one out” stage.
The early work is done. [Victor Muñoz is through the door](https://live4liverpool.com/liverpool-complete-quickfire-move-to-sign-osasunas-victor-munoz-in-e40m-hijack-of-newcastle-united/) from Osasuna for £34m, and Jérémy Jacquet is finally arriving after that £60m deal was wrapped up back in January. But ask around the fan base, and the message is identical: the squad still needs a top-class winger.
The problem? The bank account of John W Henry needs updating first.
**The £450m hangover and the Barcola reality**
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After dropping roughly £450m last summer, Liverpool aren’t in a position to simply throw money at problems anymore. Take Bradley Barcola, for example. Paris Saint Germain want £145m for the winger a fee that is currently a non-starter for the reigning champions.
For Andoni Iraola, taking the reins of a side in transition comes with a distinct financial boundary: if he wants another major signature before deadline day, Richard Hughes needs to sell. Right now, Liverpool’s outgoings column reads like a minor accounting line: £700,000 from Bolton for Luca Stephenson. That’s it.
**What Sunday’s double-header really told us**
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If you wanted to know where Iraola’s head is at, Sunday’s 2-0 win vs Como and unusual setup provided all the answers.
Liverpool played two matches against the Italians on the same day a 70-minute, behind-closed-doors match at the AXA Training Centre in the morning, followed by the main event at a packed Anfield later that afternoon.
Both Federico Chiesa and Harvey Elliott started the quiet morning game at Kirkby. Crucially, neither was asked to stick around for the showcase match in front of 60,000 fans later in the day. In pre-season language, that isn’t just rotation; it’s a statement.
Neither player has managed to grab their chance this summer. Elliott is back from a tough loan spell at Aston Villa with just a year left on his contract. Villa’s original £35m option is long gone, and Liverpool will have to take a heavy hit on the 23-year-old just to get a deal done.
Chiesa, meanwhile, looks like a stylistic misfit for Iraola’s pressing system. A return to Serie A makes sense for all parties, but finding an Italian club willing to cover his wages and pay a fee is proving tricky.
**Jones heading for the exit?**
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Then there’s Curtis Jones. The official word on his lack of pre-season minutes has been a nagging hip issue—the same one that kept him out against Monaco. But behind the scenes, a move to Inter Milan is gathering real pace.
Hughes is now reportedly willing to do business at around £30m for the 25-year-old academy product.
Moving Jones, Elliott, and Chiesa on wouldn’t just trim a bloated squad; it would give Iraola and Hughes the headroom they need in the market. The clock is ticking down to early September, and unless the scales balance soon, Liverpool’s pursuit of a top-tier winger will remain firmly on ice.
Ultimately, Liverpool find themselves at a classic transfer crossroads. The urge to make a statement signing like Bradley Barcola is understandable, but running a sustainable operation means cold financial logic must prevail over supporter impulse. Iraola has clearly signaled who fits into his high-intensity framework and who does not; forcing fringe players into a squad where they lack a role serves neither party.
If Richard Hughes can successfully offload Jones, Elliott, and Chiesa for reasonable fees, it will turn a potentially frustrating end to the window into a tactical masterclass balancing the books, streamlining the squad, and funding the elite wide threat Liverpool desperately need to get back challenging.