Liverpool sporting director Richard Hughes
Liverpool sporting director Richard Hughes(Image: Liverpool FC via Getty Images)
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Only in the crazy, tiresome world of the transfer window can a team have the biggest net spend in the Premier League, come within a few million pounds of shattering their record outlay and still stand accused of lacking ambition.
That, though, is the scenario that now faces Fenway Sports Group after Liverpool failed to tick off all their most obvious boxes during a summer that promised much and delivered, well, some of it.
In terms of pure numbers, it could be argued the Reds are in exactly the same position as they were last season.
They brought in three senior professionals - £123million Bradley Barcola, £60m Jeremy Jacquet and £34.5m Victor Munoz - with a fourth, Ronald Araujo arriving on loan, while four regular squad members from last season - Mohamed Salah, Andy Robertson, Ibrahima Konate and Curtis Jones - all departed on permanent deals.
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But it doesn't take much scratching of the surface to reveal the true picture. The suspicion during recent seasons was that Liverpool were operating a player or two short of optimum squad strength, and while it wasn't an issue in 2024/25 it most certainly became painfully apparent last term.
The business this summer has only strengthened that belief. And, what's more, the balance of the squad is now being called into question, founded understandably on previous evidence.
For example, Barcola, Munoz, Cody Gakpo and Rio Ngumoha all prefer to play on the left flank. On the right, there ostensibly is the underused Federico Chiesa and the relatively untried Lewis Koumas, while previous options such as Dominik Szoboszlai, Florian Wirtz or Jeremie Frimpong would all be out of position.
Liverpool head coach Andoni Iraola undoubtedly has a plan. Munoz has already won a penalty and scored when on the right, while Gakpo set up Alexander Isak's strike from the wing against Nottingham Forest at the weekend. Ngumoha started there at Newcastle United on the opening day, and Barcola is versatile enough to feature on both flanks.
But that puts the onus on Iraola to find a solution to a problem which, given the failed attempt to sign Yan Diomande and the forlorn pursuits of Yankuba Minteh and Ismaila Sarr, the Liverpool recruitment team quite clearly thought needed addressing.
They did not do so, regardless of whether that was linked to a potential exit of Gakpo. Even then, such a combination of deals would have done nothing to allay the feeling Liverpool have left themselves short and had not entirely responded to Iraola's insistence his squad was thin in some key areas.
Indeed, with Jones gone, it's asking much of teenager Trey Nyoni to emerge as a regular option for an engine room that for many remains short of a defensive midfielder.
Planning for the future with the deals for 18-year-old goalkeeper Lucca Brughmans and, for next summer, teenage striker Djylian N'Guessan is commendable and further proof of FSG being aware of the bigger picture, but not if it comes at the expense of properly dealing with current issues.
Liverpool's summer net spend of almost £220m - the highest of any club in Europe, with intriguingly promoted Ipswich Town, who the Reds travel to on Friday, second in the rankings - is predominantly due to them not having many saleable assets at the moment.
While some of those, such as Harvey Elliott, are proving difficult to find permanent homes due to his lack of minutes in recent seasons, Liverpool haven't at present got the depth of fringe and younger talent that saw them raise more than £150m from Academy sales over the previous two summers.
With the expectation sporting director Richard Hughes will soon follow long-time associate and former FSG chief executive Michael Edwards through the Anfield exit - Saudi Pro League side Al-Hilal his much-touted next stop - the worrying state of flux behind the scenes at Anfield, whether it be in terms of coaching staff, the recruitment team or investment, shows little sign of abating.
Barely 12 months since being asked to pose for selfies with supporters, Hughes is now being cast as the villain by an irate fanbase on social media.
Proper analysis of his tenure can only be made further down the line once the plethora of new signings under his watch has had a chance to prove themselves or otherwise at Liverpool.
But there's every chance the most productive window under Hughes will remain the one where the decision to do nothing regards incomings bar sign the rarely-utilised Chiesa at the start of the Arne Slot era contributed to a record-equalling 20th championship.
If Liverpool benefited from continuity on the field that season, since then it appears the Reds hierarchy have been determined to rip up their title-winning squad.
Half of the 20 players involved on the afternoon the Premier League was secured against Tottenham Hotspur less than 18 months ago are not at the club this campaign, a total which does not take into account the tragic death of Diogo Jota.
Now, with the transfer window closed until January, concentration will be entirely focused on matters on the pitch.
We will soon find out whether Iraola has been given sufficient tools to start dragging Liverpool back nearer the Premier League perch.