Inside Liverpool’s £710m transfer window and a summer like no other

The signs were there before Liverpool had even wrapped up the Premier League title.

“I think they’re planning to make it a big summer, so we all have to trust the board to do the right job,“ captain Virgil van Dijk told reporters after scoring a late winner against West Ham in April.

Before the trophy lift the following month, head coach Arne Slot talked about adding “extra weapons” to his squad.

The Dutchman wanted Liverpool’s style to evolve. Despite their success, they only won 10 out of 56 matches in 2024-25 by more than two goals: his vision involved them being more dominant and ruthless as an attacking force.

Having relied heavily on a core of players in his first season, Slot accepted he would need to rotate more to avoid the fatigue-related dip which contributed to their Champions League last-16 exit to Paris Saint-Germain and Carabao Cup final defeat to Newcastle United.

With Trent Alexander-Arnold leaving for Real Madrid, Darwin Nunez destined to move, Luis Diaz unsettled and fringe stars keen to pursue new challenges, significant changes were inevitable. However, what followed was a summer like no other. All the deals — incoming and outgoing — could total around £710m ($963m).

Twice, Liverpool shattered their transfer record with the £116million signing of Florian Wirtz from Bayer Leverkusen, followed by a £125m deal for Alexander Isak from Newcastle United after an acrimonious summer-long saga. Liverpool’s revamped attack also included the £79m arrival of Eintracht Frankfurt’s Hugo Ekitike.

In making Isak the most expensive player in the history of British football on deadline day, Liverpool’s total outlay climbed to around £449m, including performance-related add-ons. No club in the Premier League era has ever spent more in a transfer window.

But they also generated up to £260m from sales, with eight players who represented Liverpool in the top flight last season departed either permanently or on loan.

There’s been no change of strategy, no ditching of the club’s self-sustaining business model under Fenway Sports Group.

A net spend of £189m is eye-catching but has to be put in the context of Liverpool making a £52m profit on their dealings in 2024. It works out as a net spend of £68.5m across each of the past two summers.

Being prudent previously gave them more scope to splash the cash, while winning the title enhanced their pulling power and contributed to record revenues.

Fenway Sports Group CEO of football Michael Edwards and sporting director Richard Hughes view the recent window as a one-off in terms of how much needed to be addressed. There was succession planning, contract situations that influenced decision-making, and market opportunities that opened up. Most painfully, there was the tragedy of Diogo Jota’s death alongside his brother, Andre Silva, in July.

Every player Liverpool signed, with the exception of backup goalkeeper Freddie Woodman, is aged 25 or under. They believe they have future-proofed the squad and the kind of spending spree witnessed this summer will not need to be repeated.

It all started with an unexpected windfall.

When Alexander-Arnold confirmed in May that he would be leaving at the end of the 2024-25 season, the expectation was that he would join Real Madrid as a free agent on July 1.

Yet behind the scenes, it soon became clear the Spanish club’s determination for him to feature in the group stage of the Club World Cup under new manager Xabi Alonso meant a fee could be recouped. Madrid had initially hoped to only pay around £850,000, but Edwards informed their CEO Jose Angel Sanchez it would take €10m (£8.4m) in a single instalment. Standing firm paid off.

The deal was struck during the team’s celebrations at Liverpool’s Municipal Hotel after the trophy lift at Anfield on May 25, with Edwards and Hughes going into a side room at one point to discuss the matter.

Factoring in Madrid taking responsibility for his wages in June and other cost savings, Liverpool valued the overall package at £10m — around £333,000 for every day Alexander-Arnold had left on his deal.

By the time it was formally announced on May 30, Liverpool’s plan to fill the void had already taken shape.

They had triggered the €35m (£29.5m) release clause in the contract of Leverkusen’s Jeremie Frimpong, with the fee to be paid in three annual instalments. Liverpool had also rewarded the development of academy graduate Conor Bradley with a new four-year contract on improved terms.

Frimpong, who had scored 30 goals and contributed 44 assists in 190 games for Leverkusen, is viewed as a versatile option for the right flank rather than Alexander-Arnold’s like-for-like replacement. The Netherlands international is expected to deputise for Mohamed Salah when the Egyptian leaves for the Africa Cup of Nations in December.

As well as the relatively low fee and his exciting skill set, Frimpong’s status as a homegrown player, having progressed through Manchester City’s academy, made him an attractive proposition. Liverpool had tried to recruit him for their youth ranks 15 years earlier, but his family opted for City because it was closer to home and his parents didn’t drive.

When Frimpong was followed to Merseyside by his close friend Wirtz in June, it represented a major coup for the club. The Germany international was among the most sought-after attacking talents in world football.

It was the first time Liverpool had spent big on an elite, finished article since goalkeeper Alisson arrived from Roma for £65m in 2018 — seven months after the similarly transformative signing of centre-back Virgil van Dijk. To find an attacking acquisition that triggered such excitement among the fanbase, you had to go back to Fernando Torres’ arrival from Atletico Madrid in 2007.

Playing at Anfield in the Champions League the previous November had left a lasting impression on Wirtz, who had also been blown away by the facilities when Leverkusen trained at Liverpool’s Kirkby complex the day after a chastening 4-0 defeat.

Initially, Liverpool had feared he might opt to stay in his homeland, with Bayern Munich regarded as front-runners. There was also strong interest from Manchester City.

Lyon’s Rayan Cherki, who subsequently joined City, was among the alternatives. But Wirtz was always the No 1 target as Slot looked for a different type of No 10 to Dominik Szoboszlai, who filled that role for much of the title-winning season but was more effective playing deeper.

The groundwork put in by Hughes and Slot over months, fostering relationships, paid off. A meeting between Slot and Wirtz in late May proved decisive as the Liverpool head coach detailed where the 22-year-old would fit into his plans.

“Arne Slot presented his playing philosophy, the team tactics for possession and pressing, and how Florian can develop his strengths in these areas. That made a decisive impression on Florian,” his father, Hans-Joachim, who is also his agent, told German newspaper Der Spiegel in July. “He’s also a very pleasant person. Florian’s best coaches have always been those who gave him a lot of freedom, and those with the most empathy.”

Van Dijk also played his part during a phone conversation when he told Wirtz, “Liverpool is the place to be.”

Leverkusen had wanted €150million, but after protracted but amicable discussions between Hughes and managing director of sport Simon Rolfes, a fee of £110m potentially rising to £116m was agreed. The fee will be paid in five instalments, with the add-ons linked to Wirtz helping Liverpool win the Premier League and Champions League.

Slot sees Wirtz as providing the creative spark previously supplied by Alexander-Arnold. The data showed that over the two previous seasons, only Salah (28) had more assists in Europe’s ‘big five’ leagues than Wirtz (23).

With Giorgi Mamardashvili arriving from Valencia after a £29.5m deal had been struck the previous year, the departure of Caoimhin Kelleher was inevitable.

The Republic of Ireland goalkeeper was desperate to emerge from Alisson’s shadow and become a No 1. With just a year left on his contract, Liverpool were limited in terms of how big a fee they could command.

The best offer came from Brentford, with Kelleher moving for an initial £12.5m, which should rise to £18m as he reaches certain appearance milestones.

The overhaul of the goalkeeping department also saw Liverpool sign Hungary Under-21 international Armin Pecsi from Puskas Akademia for £1.5m and bring in Woodman on a free transfer following the end of his contract at Preston North End.

Woodman’s homegrown status was appealing, especially when it came to naming the Champions League squad. The incomings enabled Liverpool to sanction loan moves for Vitezslav Jaros (to Ajax) and Harvey Davies (to Crawley Town).

With so much transfer business completed, changes in the backroom staff went under the radar.

Ajax was selected as the perfect destination for Jaros after John Heitinga had been appointed as the Dutch club’s new head coach. Midfielder James McConnell, who turns 21 on Saturday, also headed to Amsterdam on loan after signing a new contract.

Slot was disappointed to lose Heitinga, who had proved a big asset as one of his assistants alongside Sipke Hulshoff. Ryan Gravenberch, one of the standout performers last season, described Heitinga as his “mentor”. However, Slot appreciated the lure of Ajax and knew Heitinga had managerial aspirations.

Former Rangers, Feyenoord and Besiktas manager Giovanni van Bronckhorst was brought in to replace Heitinga, with a focus on one-to-one coaching, and has made a positive impression.

Fabian Otte left to join Tottenham, with Xavi Valero returning to Liverpool as the new head of first-team goalkeeper coaching. The Spaniard, who previously worked for the club during Rafael Benitez’s reign, had spent the previous seven years at West Ham United.

With the popular figure of Claudio Taffarel returning home to Brazil after four years on Merseyside, Liverpool recruited Colin Stewart as goalkeeper development and pathway lead — a new role to help young goalkeepers make the step up from youth to senior football.

Liverpool advertised for a specialist set-piece coach 12 months earlier, but unable to find a suitable candidate, they gave the responsibility to individual development coach Aaron Briggs. The decision was taken this summer to change Briggs’ title to set-piece coach, with Brazilian Luiz Fernando Iubel appointed as individual development lead coach.

Iubel, who is working across Liverpool’s first team, under-21s and under-18s training groups, has a wealth of experience, having managed the development of young players at Brazilian clubs such as Cuiaba and Atletico Mineiro. He will have a significant part to play in guiding exciting teenage talents such as Rio Ngumoha and Trey Nyoni.

Gary Probert starts later this month as Liverpool’s head of loan management after leaving Ipswich Town, while Lewis Mahoney came from Southampton as Liverpool’s set-piece analyst. He will work closely with Briggs and effectively replaces James French, who left at the end of last season and joined Pep Guardiola’s staff at City.

There were also changes to the club’s board of directors, with chief financial officer Jenny Beacham and chief legal and external affairs officer Jonathan Bamber being added.

It was prompted by managing director Andy Hughes’ decision to retire at the end of the season after 13 years. One of Hughes’ duties as a director has been fulfilling the legal and regulatory requirement for board-level engagement with the club’s supporters’ board. Bamber will now assume that responsibility.

CEO Billy Hogan has stepped down from the board, but his day-to-day involvement in Liverpool remains unchanged. The seven-strong, new-look board consists of principal owner John W Henry, chairman Tom Werner, FSG president Mike Gordon, director Mike Egan, and non-executive director Sir Kenny Dalglish, along with Beacham and Bamber. Hughes isn’t being replaced directly, with his duties divided between Beacham and chief operating officer Paul Cuttill.

If the signing of Mamardashvili was about succession planning, the same goes for Liverpool’s £40m purchase of left-back Milos Kerkez from Bournemouth.

With Andy Robertson aged 31 and his deputy Kostas Tsimikas clearly not a long-term replacement, Slot wanted extra competition in that area. Kerkez, 21, was young but already Premier League proven. Hughes knew what Liverpool would be getting, having signed the combative left-back for Bournemouth from AZ two years earlier.

On that occasion, Hughes had outflanked Lazio, among others. The bond he had established with the player and his family was underlined earlier this summer when Kerkez’s father, Sebastijan, told the Super Indirektno podcast: “If (Hughes) said we go to India, then we go to India.”

Liverpool’s preference was always to retain Robertson, who has one year left on his contract, and for Tsimikas to move on, given retaining three senior left-backs would have made little sense. However, they respected the fact that Robertson wanted time to consider his options.

There was interest from Atletico Madrid and Milan, but, to Slot’s delight, Robertson opted to stay put and he was subsequently appointed as the club’s new vice-captain. Tsimikas ended up joining Roma on a season-long loan with his full wages paid but no option to buy.

Frustrated by a lack of game time last season, Jarell Quansah was keen to secure more regular action and got his wish after the Under-21 European Championship, as he completed a £35m move to Leverkusen. By then, another centre-back had also departed, with Nat Phillips joining West Bromwich Albion for a fee rising to £3m.

Key to the Quansah deal was Liverpool protecting their future interests by securing a buy-back clause. There is also a pre-agreed contract for Quansah’s potential return.

In the search for defensive reinforcements, Marc Guehi was viewed as a market opportunity given that the Crystal Palace captain was down to the final year of his deal. However, the priority for the club was a young centre-back who was more of a long-term project, having previously shown interest in Levi Colwill, Leny Yoro and Dean Huijsen.

After the devastating news of Jota’s death on July 3, clubs kept a respectful distance. Everyone connected with Liverpool was mourning the loss of a much-loved colleague and friend, and transfer activity was placed on hold.

It was the middle of the month before discussions around deals resumed. An initial approach for Isak with an indication they would be willing to pay around £120million was snubbed by Newcastle, who insisted the Sweden striker wasn’t going anywhere.

When Liverpool then moved swiftly to sign Newcastle target Ekitike for an initial £69m, potentially rising to £79million, from Frankfurt, it was viewed by some as a knee-jerk response to the north-east club blocking their pursuit of Isak.

The reality was that Liverpool wanted both Ekitike and Isak. Hughes had been in touch with Ekitike’s camp since January and Slot had held talks with the player in May. They were relaxed about Newcastle’s interest because they knew his preference was a move to Anfield. There had also been interest from Manchester United.

Ekitike scored 15 goals in the Bundesliga in 2024-25, under-performing his xG (expected goals) by 6.6. However, the underlying data from director of research Will Spearman convinced Liverpool to take the plunge. It showed that Erling Haaland and Kylian Mbappe were the only strikers to have shown greater potential at a comparable age.

He had previously struggled at PSG, but senior Anfield figures saw parallels with Philippe Coutinho’s time at Inter and Gravenberch’s unhappy spell at Bayern. They felt Slot could elevate him to the next level.

Ekitike met his new team-mates for the first time in Hong Kong during the tour of Asia. The trip proved eventful, with Luis Diaz saying his goodbyes during the Japan leg after a £65.5m deal was agreed with Bayern. Liverpool had previously rejected their offer of £58m.

The popular Colombian was coming off the back of his best season for the club, having contributed 17 goals in all competitions. However, he only had two years left on his contract and had twice rejected the club’s offer of an extension. With Liverpool not prepared to give him the wage rise he wanted, Diaz was keen to move. To his credit, he didn’t miss a training session until being given the green light to fly to Munich.

Liverpool felt the fee was just too good to turn down, given Diaz turns 29 in January and his old club, Porto, didn’t have a sell-on clause.

Buying a replacement was never seriously considered given the presence of Cody Gakpo, who signed a new contract.

Liverpool regard Ekitike as a multi-functional attacker given his ability to play as a No 9, second striker, or off the left flank. They also didn’t want to block the pathway for Ngumoha, who lit up some of the pre-season matches.

Shortly after the squad’s return to the UK, Liverpool had a £110m offer for Isak rejected by Newcastle. Senior club sources dismissed reports that they were preparing a second bid, with some interpreting that as the club pulling out of pursuing him. In reality, Liverpool were simply biding their time.

Speculation linking them with PSG’s Bradley Barcola and Real Madrid’s Rodrygo was inaccurate. There was no Plan B: it was Isak or no one.

Midfielder Tyler Morton, 22, was sold to Lyon for a fee rising to £13m, Ben Doak joined Bournemouth for £25m with a buy-back clause, and Nunez went to Al Hilal in a £56.6m deal.

Nunez had wanted to leave in January, with interest from Saudi Pro League side Al Nassr, but Liverpool were determined to retain his services for the rest of the season.

Come the summer, there was an acceptance on all sides that a transfer made sense after 40 goals in 143 appearances. A bid from Napoli earlier in the window had fallen short of Liverpool’s valuation and the Serie A club also wanted to defer the initial payment until the summer of 2026, which was unappealing.

Quansah’s replacement belatedly arrived in mid-August, with Liverpool agreeing a fee of £26m potentially rising to £29.4m for 18-year-old Parma centre-back Giovanni Leoni, who had also attracted interest from Inter and Newcastle, among others.

With Leoni on board, Liverpool were more relaxed about Guehi, knowing there were no guarantees Palace would sanction his exit for Liverpool’s valuation of £35m after talks took place between the clubs following the Community Shield at Wembley.

During a frenetic transfer window, Edwards, Hughes and FSG technical director Julian Ward were all involved in transfer talks. Hughes took on the lion’s share of the negotiations, but the network of contacts Edwards and Ward built up from their previous stints as sporting director meant there were occasions when it made sense for them to get involved.

The final departure on deadline day saw Harvey Elliott join Aston Villa on an initial season-long loan with an obligation to buy for £35m as long as he makes 10 appearances this season. As with Quansah and Doak, a buy-back clause was included.

After being crowned player of the tournament at the Under-21 Euros, Elliott had waited patiently for a move all summer after finding his opportunities limited under Slot.

His exit was only sanctioned when it became clear Isak was Anfield-bound. There was still a degree of uncertainty among senior club figures over whether the Isak deal would happen approaching the final 24 hours of the window. However, the signs had been increasingly promising, with the striker refusing to back down and Newcastle finally being willing to negotiate after recruiting attacking replacements.

There was an unwanted late twist when Palace chairman Steve Parish U-turned at the 11th hour and blocked Guehi’s move to Anfield after a fee of £35m plus a sell-on clause of 10 per cent had been agreed and a medical conducted. But there was little sense of anger as Liverpool regarded landing Guehi as a bonus rather than a necessity. The hope is that he will join them on a free transfer next summer.

The decision to keep hold of Joe Gomez was vindicated after interest from Milan and Brighton. Palace had wanted him on loan, but Liverpool weren’t prepared to let their longest-serving player leave on a temporary basis.

It has been a frantic few months, but now, there is a belief within Anfield that this is a squad built to last the pace both domestically and in Europe.

(Top photos: Getty Images; design: Eamonn Dalton)

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