The transfer window opened 40 days ago but Liverpool fans still await the first signing of the Arne Slot era.
Liverpool, who along with Fulham are the only other Premier League club not to make at least one permanent addition this summer, are biding their time as they seek recruits to a squad that fell short in last season’s title race.
So what is behind the recruitment strategy of the club’s owners at Fenway Sports Group (FSG) and is anything likely to change soon?
Is it surprising Liverpool haven’t done any incoming business yet?
The short answer is: yes. It’s rare for any top club to get almost to the end of July without strengthening their squad, especially when there has been a change of manager that summer.
The last time Liverpool reached this stage of pre-season with no new arrivals was in 2019, following their Champions League triumph in Madrid, which meant their season did not end until June 1. Harvey Elliott was the first signing in that window, when his move from Fulham was finally confirmed on July 28. The only other incomings were Adrian and the Spaniard’s fellow backup goalkeeper Andy Lonergan.
The following June, Liverpool were crowned Premier League champions, their first title for 30 years; a reminder that ‘winning the transfer window’ doesn’t always correlate with results on the field.
When you delve deeper, Liverpool’s inactivity in the market this summer is more understandable. For a start, Slot wanted time to fully assess the talent he had inherited from Jurgen Klopp before making decisions on players’ futures.
At the Dutchman’s official unveiling earlier this month, sporting director Richard Hughes, who is also new, talked about the impact of the European Championship and Copa America, which both ended 10 days ago, and how he expected business to happen later in this window than is usually the case.
Hughes expects transfer business to accelerate in August (John Powell/Liverpool FC via Getty Images)
“When August starts and coaches have had more time to work with players, I think then the opinions will be more set at clubs and you may see there’s a bit of a hurry to get things done,” Hughes said. “I would see a quiet July and perhaps a crescendo in August.”
Another factor is that Liverpool do not have any big gaps to fill following summer outgoings.
Joel Matip was effectively replaced by Jarell Quansah in the second half of last season following a serious knee injury in December and Thiago only played five minutes of the club’s 58-match campaign due to his own fitness issues, while Adrian has already been replaced as third-choice goalkeeper by Vitezslav Jaros, a 23-year-old who spent the second half of 2023-24 on loan at Austria’s Sturm Graz.
You could make a strong case for Liverpool needing to buy an elite holding midfielder, another centre-back and a wide attacker to provide greater options, but Slot is also committed to developing an exciting crop of academy youngsters and ensuring a pathway exists from the club’s youth setup to the first team.
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Are Liverpool in danger of being left behind by rivals?
That depends on how quickly some of those new arrivals settle.
Manchester City have signed winger Savinho from French club Troyes in a deal worth up to £33.7million ($43.7m) but are also fielding interest in first-choice goalkeeper Ederson from Saudi Pro League side Al Ittihad. That could prove to be a problem for Pep Guardiola.
Arsenal want to make Bologna centre-back Riccardo Calafiori their first signing of the summer — a statement of intent from a club continuing to strengthen across the board — and are also interested in Real Sociedad midfielder Mikel Merino.
Aston Villa have been busy, too, bringing in Amadou Onana, Ian Maatsen, Ross Barkley, Samuel Iling-Junior, Enzo Barrenechea, Lewis Dobbin, Jaden Philogene and Cameron Archer — but they’ve also moved on Douglas Luiz, Tim Iroegbunam and Omari Kellyman, with Moussa Diaby set to follow soon. With so many changes, it’s difficult to predict whether Villa will be better equipped this season in the Premier League, as juggling the demands of Champions League football for the first time will be another factor for them.
Manchester United look to be making clever moves. The signing of 18-year-old Leny Yoro, regarded as one of the best centre-backs of his age in Europe and someone Liverpool were also interested in, is the standout arrival. Forward Joshua Zirkzee’s move from Bologna and the return of Jadon Sancho from loan have strengthened United’s attack, but Liverpool finished 22 points above their arch-rivals last season. That is a big gap to claw back in one go.
Liverpool were also interested in Yoro, but he moved to United (Ian MacNicol/Getty Images)
Tottenham Hotspur are yet to make a statement signing but have one eye on the future with the acquisition of 18-year-old Archie Gray from Leeds United, and Chelsea have again been busy in the market, bringing in Tosin Adarabioyo and Kiernan Dewsbury-Hall along with some young prospects.
What is Liverpool’s PSR headroom?
Liverpool are in a good position regarding the Premier League’s profit and sustainability rules (PSR) and have been for years because of their strong performances, both domestically and in Europe.
Though there was no Champions League football last season, the commercial revenue at the club rose significantly to £272million during the most recent completed accounting period (2022-23) to offset the loss in media and matchday revenue.
As a powerhouse of the Premier League, Liverpool’s commercial pull helps massively and allows for a bigger spend on transfers and player wages. Their last set of accounts showed a £9million pre-tax loss and that external debt had increased to £123m, but the wage bill to income ratio stood at 62 per cent, which is not a concern.
Traditionally, clubs have been allowed to lose £105million over a three-year accounting period under PSR. Now, any club competing in one of the three European competitions will have to adhere to rules limiting spending on player wages, amortised transfers and agent fees to 70 per cent of overall revenue by 2025-26. The move towards that benchmark began with the limit set at 90 per cent for last season and 80 per cent in 2024-25 — but Liverpool are still at no risk of a breach.
Liverpool’s next set of accounts will show how the club performed in a season without Champions League football, but there are no expected problems. The books will show the impact a delayed opening of an expanded Anfield Road Stand had on matchday revenue, but also the increase in ticket sales when it finally became operational in February.
The new Anfield Road Stand was late to open but has boosted revenues (Michael Steele/Getty Images)
The most interesting figures will be around player trading and the overall wage bill.
Liverpool have recently sold or released several high-earning players, such as Thiago, Matip, Jordan Henderson, Roberto Firmino, Fabinho, Naby Keita, Alex Oxlade-Chamberlain and James Milner. Their departures will have saved the club well over £1million a week in wages. While significant fees were spent on signing Alexis Mac Allister (£35m), Ryan Gravenberch (£34m), Dominik Szoboszlai (£60m) and Wataru Endo (£16.2m), their wages are not at the same level as those of Thiago, Henderson and Firmino.
Several contract extensions will also be factored in, as well as the performance-related bonuses connected to returning to the Champions League for next season.
In that case, should FSG not be bolder in the market?
That will certainly be the argument from many fans, but FSG has always tried to run Liverpool as a sustainable business, so the strategy will not change.
A dip in form towards the end of last season was prompted by a perfect storm of injuries to key personnel, players returning from spells out lacking rhythm and others not being familiar with the demands of a title race. But, internally, the belief is that this squad is packed with potential, and extracting that is crucial.
It’s still early days in the transfer window, which does not shut until August 30, with the Euros and Copa America tournaments having only just concluded. Slot hasn’t even got a full squad to work with as so many players are still on holiday due to those international commitments. The 28-man touring party which has now headed to the U.S. included several youngsters who are unlikely to be first-team regulars in the coming season.
It would, however, be unusual for a new head coach to arrive at a club without having any of his own signings to work with.
Refreshing the attacking department seems the most obvious choice. Fabio Carvalho, 21, and 18-year-old Ben Doak are both talented, but it would be a huge risk to rely on them as Liverpool return to the Champions League and aim to challenge for the title again.
The need for another centre-back or right-sided defender is growing following Matip’s exit, although Liverpool still have a decision to make on Sepp van den Berg. The Dutchman enjoyed a successful loan in the German Bundesliga with Mainz last season and is keen to play first-team football, but Liverpool want £20million if he is to leave.
They are not in a rush to recruit for the sake of it.
Michael Edwards, their former sporting director who has returned to the fold after two years away with a new role as FSG’s chief executive of football, has always believed in the importance of ignoring outside noise and only bringing in players when the club feel they can add significant value. That attitude is holding firm this summer, too.
Edwards is back – and determined to ignore outside noise (Peter Byrne/PA Images via Getty Images)
What does Slot make of this lack of activity?
There is no sense of panic or frustration. When given the opportunity, Slot has been keen to talk up the squad he is inheriting.
“I think we have a lot of quality, and the way they played last season was already impressive, so we are going to build from there,” Slot said in his first interview.
There is a sense that more can be drawn from the players at his disposal and that better results could naturally follow if senior players such as Trent Alexander-Arnold, Mohamed Salah, Curtis Jones and Szoboszlai avoid the injury disruptions that blighted their 2023-24 seasons. The hope is that Slot can solve the Darwin Nunez puzzle and get the best out of others.
“There’s already a real good team,” Slot said during his introductory press conference. “There have been a few new signings last season. The longer a team plays together, if there’s a good manager or a good head coach, normally you see things will improve.”
Despite his role being head coach rather than manager, Slot still has an important say in recruitment. It is a collaborative approach and he is in contact with Hughes daily. The sporting director handles negotiations and contract situations, allowing Slot to focus on coaching and developing players.
So, should we expect signings before the end of the window?
Yes. Liverpool arrive home from this three-game tour on August 4 and when they reassemble at Kirkby training ground, Slot should finally have his full squad together for the first time. It should be much clearer by then exactly what’s required for the season ahead, who is available and at what price. Business will happen before then if the right opportunity comes up, and money is available.
This was never going to be a hectic summer for Liverpool; fine-tuning rather than rebuilding is required.
The wait for a statement of intent in the transfer market goes on but the time to judge this window is once it’s complete at the end of August rather than now.
(Top photos: FSG’s John W Henry; Slot with his Liverpool squad; Getty Images)
