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Transfers
Michael Edwards has ‘genius’ Liverpool transfer masterplan amid £700m Saudi twist
The unfolding transfer saga involving Martin Zubimendi might inject some life into Liverpool’s summer, but it has been a very quiet window so far.
🍷Zubimendi has a £51.7m buyout clause that Liverpool are considering꧒ activating, which would make the Real Sociedad and Spain midfielder their first signing ahead of 2024-25.
With Liverpool’s campaign beginning against Ipswich Town in just over a week’s time, some supporters have expressed concern that the squad inherited by Arne Slot has not been refreshed.
Significantly, it is also the first window since the return of Michael Edwardsꦜ, who has taken on the role of CEO of football at Anfield after a year away.
♕Liverpool may be the only Premier League side not to have spent a penny so far, but they are certainly not alone in having a modest summer.
ඣAcross the division and indeed throughout Europe, expenditure has been well down.
To explore the reasons why and Liverpool’s place in the financial landscape, TBR 💙spoke exclusively to Liverpool University football finance lecturer and Price of Football author Kieran Maguire.
Why is no one spending any money? Liverpool’s transfer environment explained
🌱While Jurgen Klopp’s departure at the end of the campaign was clearly the most seismic event of 2023-24, the whole season represented something of a changing of the guard.
𝐆Significantly, Liverpool veterans Fabinho, Jordan Henderson and Roberto Firmino all left for Saudi clubs.
🍎They were just three members of a mass exodus of experienced players from Europe to the Guld state, with Saudi Pro League clubs spending £700m on new signings.
🐽However, as Maguire explains, the absence of Saudi money in the transfer market has led to a lack of liquidity and a quieter window than Liverpool fans have become accustomed to seeing.
“There are a number of factors that dictate the behaviour in the European transfer market is concerned,” he said.
“We don’t have the catalyst we have had in previous summers in the spending of the Saudi Pro League, which acted as a catalyst for the rest of the market.
“It freed up wages for the clubs and provided them with generous fees for players who otherwise would have been taking up a place on the roster at Liverpool.
“Last season, Henderson and Fabinho went, and on the back of that they were able to go out and spend in the market. It was priming the pump.
“That hasn’t materialised to date.
“We have also got the collapse of the French market. There has been hardly any buying there apart from with Paris Saint-Germain and Marseille.
“Therefore, it becomes a buyer’s market and buyers believe there are opportunities to drive down prices in the French market because so many clubs are desperate for cash.”
- READ MORE LIVERPOOL NEWS: ꧂£25m Liverpool star who’s given Arne Slot a ‘headache’ wanted by six clubs before transfer deadline
PSR causing issues, with knock-on effect for Liverpool
🍌Closer to home, a number of Premier League clubs faced a madcap scramble to meet Profit and Sustainability criteria before the start of the new assessment period on 1 July.
ꦫThis saw several sides pull of PSR-busting quasi-swap deals to – some would argue arbitrarily – inflate their player trading profits.
𒐪Liverpool were not among that group and have more PSR headroom than nearly every other club at present.
💯However, the legacy of PSR issues at other clubs have again led to stasis in the market, which has had a clear impact on Liverpool.
Maguire explained: “Domestically, there is no doubt that there are PSR issues.
“At least one-third of clubs within the Premier League have some form of issues with PSR
“It’s a case of once bitten, twice shy. They don’t want to be in the position in June 2025 that many faced in June 2024.
“So there are problems overseas and in England.
“There are broader issues too. While many people think we are out of Covid, there is still a hangover in terms of lost revenues from the pandemic. That has a minor impact as well.
“Those are the contributory elements and that is why we are seeing caution.”
- READ MORE LIVERPOOL NEWS: 💖What Real Sociedad’s manager has done after Liverpool make move to sign Martin Zubimendi from him
Michael Edwards’ ‘genius’ transfer strategy
🐲One of Edwards’ chief aims upon his return to Anfield was to establish a multi-club network.
✅FSG were in talks to acquire French side Bordeaux, although that deal collapsed at the eleventh hour.
🧸However, their multi-club ambitions are emblematic of the owners’ wider philosophy when it comes to getting the most value out of their investments.
Essentially, they shop smart.
⛎Unlike other club owners, FSG do not want to bankroll massive losses to facilitate transfer activity, preferring Liverpool to break even.
🍨And this, claims Maguire explains Liverpool’s lack of activity so far this summer.
“With Liverpool, they have a new manager who wants to get closer with the existing squad before he can identify strengths and weaknesses.
“Michael Edwards, who is a genius, is never a man in a hurry. He is of the view that it is better to get it right than to get it done quickly.
“That has caused frustration among the Liverpool fanbase, but they don’t want to be lumbered with some of the same problems that other clubs in the North West have had in terms of paying for players who aren’t justifying their transfer fees.”
“FSG have always wanted to make the right decision rather than the biggest decision.
“While that might annoy fans who are living vicariously through the level of expenditure of the club they support, this is a strategy that has consistently delivered for Liverpool.
“I would be very surprised if FSG decided to adjust that model.
“The club does have flexibility in terms of the expansion of Anfield. That will have a significant financial upward lift.
“They do have headroom in terms of PSR, but just because you have a £20,000 limit on your credit card, that doesn’t mean you then go and spend £20,000 on your credit card.”
FSG’s long-term plan at Liverpool
It does not appear that FSG 𒊎are likely to depart from their self-sufficient approach any time soon – and so the club will need to continue to fund their own transfers going forward.
ꦍBut the club’s star is rising higher and higher worldwide, which will be reflected in the club’s commercial income in years to come.
♌Will this unlock greater transfer funds for Edwards and Slot?
“FSG do have a plan to progress financially,” said Maguire.
“They want the club to be able to stand on its own two feet. That can work both in favour and against them at times.
“As football fans, we all want to be bestowed gifts in the form of new transfers, but sometimes they don’t shine.
“FSG’s strategy is very much focused on building the brand and finding appropriate commercial partners.
“They want to leverage the fact that Liverpool are iconic and there are people from every country that want to see them play.
“Expanding the stadium therefore makes sense. We are living in an environment where growth in TV income is not guaranteed, so focusing on commercial and matchday makes sense.”