Liverpool Spent £670 Million, Yet Fell From Champions to Fifth

Liverpool's script this season may have been beyond even the expectations of the most pessimistic supporters. More than a year ago, the team were Premier League champions with 84 points and sat first. Now? 60 points and fifth place. What happened in between? The answer: nearly £700 million was spent.

Whether the money was well spent can be seen from the data. From 84 points to 60, from first place to fifth, from Slot losing only one of his first 28 matches to losing 20 games in his second season — this was not just a single recruitment mistake, but a possible wider issue with the transfer strategy.

What did £670 million buy?

Richard Hughes has been Liverpool's sporting director for more than two years, overseeing transfer spending of up to £670 million. So far, the only signing that can be considered a complete success is Hugo Ekitike. This level of value for money would be difficult to justify in any industry.

The most eye-catching deal was a record-breaking transfer: Alexander Isak, signed for £125 million as the British transfer record holder. However, he spent much of last season recovering from injury and had a modest impact, only showing signs of returning to form after scoring twice against Ipswich Town. At present, the investment appears to carry more risk than reward.

Other signings costing more than £100 million include Bradley Barcola and Florian Wirtz. The former was signed from Paris Saint-Germain last summer, while the latter was a Bundesliga star. However, neither player's adaptation to the Premier League has been fully proven yet.

The quality of the title and the transfer timeline

One key detail is easy to overlook: Liverpool did win a Premier League title during Hughes' tenure, but that was secured before the major recruitment spending. In other words, Hughes' transfer work had limited influence on that title achievement. The biggest investments came after the championship, and the result has been clear — performances declined rather than improved.

Last summer's recruitment work was publicly described by Jamie Carragher as “the worst in history.” Although the assessment was harsh, the trend in the league table provides some context for why it was made.

Releasing players for free, buying at high prices — how does the calculation work?

More difficult to understand is that while Hughes spent money on new players, he also allowed several key players to leave for free. The most notable example concerns replacing Mohamed Salah — the team never brought in a dedicated winger to fill that position. The experiment with Jeremie Frimpong also ended unsuccessfully.

There was also a hidden cost: Hughes has been criticized for paying inflated transfer fees, which raised market prices. When Paris Saint-Germain offered £145 million for Barcola, Liverpool found themselves affected by the higher valuation they had helped create.

Long-term vision or short-term disaster?

However, it may still be too early to make a final judgment on Hughes. Many of the players he signed are very young: Giovanni Leoni, Jeremy Jacquet, Barcola, Wirtz, Ekitike, and Victor Munoz. If these players fulfill their potential in the coming years, Hughes may be remembered as someone who made the right decisions at the right time. But if the current trend continues, he could instead be viewed as the wrong choice.

Liverpool now face a complicated situation: they need at least five or six first-team additions next season, while Van Dijk and Alisson's contracts are approaching their expiration dates. Michael Edwards, who helped appoint Hughes, is also set to leave FSG in his role as football director. After Hughes responded to fan dissatisfaction by replacing Slot with Andoni Iraola, the decision reportedly caught the Dutchman off guard, and the new manager inherited a club in turmoil.

Nearly £700 million, but worse results

Hughes can argue that Liverpool won the English top-flight title for the second time in 35 years during his tenure. However, it is also true that the honor had already been secured before almost all of his major investment was made.

The final judgment on Hughes' major spending will only come with time. For now, however, the risks are clear: Liverpool spent nearly £700 million but ended up with worse results. The calculation does not look favorable at present.