As the transfer window enters its 40th day, Liverpool fans are still waiting for the first signing under new head coach Arne Slot. While other Premier League clubs, barring Fulham, have made at least one permanent addition, Liverpool have taken a more cautious approach, seeking the right recruits to bolster a squad that fell short in last season’s title race.
This raises questions about the strategy of the club’s owners, Fenway Sports Group (FSG), and whether there is any expectation of change in the coming days.
Is Liverpool’s Lack of Transfer Activity Surprising?
In short, yes. It is unusual for a top club to reach the end of July without strengthening their squad, particularly when a new manager has been appointed over the summer. The last time Liverpool found themselves in a similar situation was in 2019, following their Champions League victory in Madrid. The first signing that summer, Harvey Elliott, was confirmed on July 28, with only Adrian and fellow backup goalkeeper Andy Lonergan joining afterward.
That same season, Liverpool went on to secure their first Premier League title in 30 years, a reminder that success in the transfer window doesn’t always equate to on-field results.
Looking deeper, Liverpool’s inactivity this summer is somewhat understandable. Slot wanted to thoroughly assess the squad he inherited from Jurgen Klopp before making any decisions on player futures. At Slot’s official unveiling earlier this month, newly appointed sporting director Richard Hughes mentioned the impact of the European Championship and Copa America, which ended only 10 days ago, as a reason for the delay in transfer activities.
“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.”
Additionally, Liverpool’s squad has not suffered from significant gaps needing urgent attention following the summer departures. Joel Matip, who was sidelined due to a serious knee injury in December, was effectively replaced by Jarell Quansah during the second half of last season. Thiago Alcantara’s limited five-minute involvement over the club’s 58-match campaign due to fitness issues has also been covered. Meanwhile, Adrian, who has left, has already been succeeded by 23-year-old Vitezslav Jaros, who spent the second half of 2023-24 on loan at Austria’s Sturm Graz.
While there are arguments for Liverpool needing to sign an elite holding midfielder, another centre-back, and a wide attacker to increase squad depth, Slot is committed to developing a talented group of academy players, ensuring there is a pathway from the youth setup to the first team.
Are Liverpool Falling Behind Their Rivals?
This question hinges on how quickly new signings settle into their respective teams. Manchester City, for example, have secured winger Savinho from Troyes for up to £33.7 million. However, they face interest in first-choice goalkeeper Ederson from Saudi Pro League side Al Ittihad, which could present a significant challenge for Pep Guardiola.
Arsenal, too, are looking to bring in Bologna centre-back Riccardo Calafiori as their first new signing of the summer. They have already made David Raya’s loan permanent and are reportedly interested in Real Sociedad midfielder Mikel Merino.
Aston Villa has been particularly active, adding Amadou Onana, Ian Maatsen, Ross Barkley, and others to their squad. However, they have also seen key players like Douglas Luiz and Omari Kellyman depart, making it difficult to predict whether they will be better equipped for the Premier League this season.
Manchester United’s signings include 18-year-old Leny Yoro, one of Europe’s top young centre-backs, and forward Joshua Zirkzee from Bologna. While these additions strengthen United’s squad, Liverpool’s 22-point advantage over them last season is a significant gap to bridge.
Tottenham Hotspur and Chelsea have also made moves, with Spurs bringing in 18-year-old Archie Gray from Leeds United and Chelsea adding Tosin Adarabioyo and Kiernan Dewsbury-Hall to their ranks.
Understanding Liverpool’s Financial Position
Liverpool’s financial position regarding the Premier League’s profit and sustainability rules (PSR) remains solid. Despite missing out on Champions League football last season, the club’s commercial revenue rose significantly to £272 million during the 2022-23 period, offsetting losses in media and matchday revenue.
Liverpool’s strong commercial pull allows for greater spending on transfers and player wages. The most recent accounts revealed a £9 million pre-tax loss and an increase in external debt to £123 million. However, the wage-to-income ratio stands at 62 per cent, which is not a cause for concern.
The club’s compliance with the PSR is also under control. New rules limiting spending on wages, transfers, and agent fees to 70 per cent of overall revenue by 2025-26 are being phased in, but Liverpool are well within the current limits. Even without Champions League football, the club is expected to avoid any breaches.
Liverpool’s next set of accounts will reflect the impact of the delayed opening of the expanded Anfield Road Stand on matchday revenue, as well as the increase in ticket sales when it became operational in February.
Should FSG Take More Risks in the Transfer Market?
While many fans would argue for a bolder approach, FSG’s philosophy of running Liverpool as a sustainable business is unlikely to change. Last season’s dip in form was largely due to injuries to key players, a lack of rhythm from returning players, and the unfamiliarity of others with the pressures of a title race. Internally, there is a belief that the current squad holds immense potential, and unlocking that potential is seen as crucial.
The transfer window remains open until August 30, and the recent conclusion of international tournaments means that some players are still on holiday. The 28-man squad currently touring the U.S. includes several youngsters unlikely to feature regularly this season.
It would be unusual for a new head coach like Slot to begin his tenure without any signings of his own. Refreshing the attacking department seems the most logical step, particularly given the talents of Fabio Carvalho, 21, and 18-year-old Ben Doak, who, while promising, would be risky to rely on as Liverpool return to the Champions League.
There is also a growing need for a new centre-back or right-sided defender following Matip’s departure. Sepp van den Berg, who had a successful loan spell in the Bundesliga with Mainz, is keen to play first-team football, but Liverpool is holding out for £20 million if he is to leave.
Despite the apparent need for reinforcements, Liverpool are not rushing into making signings for the sake of it. Michael Edwards, the former sporting director who has returned to a new role as FSG’s chief executive of football, has always valued patience and only bringing in players who can add significant value to the team. This approach is being maintained this summer.
What Is Arne Slot’s Perspective on the Lack of Transfers?
There is no sense of panic or frustration from Slot regarding the lack of transfer activity. In his first interview, he emphasized the quality of the squad he has inherited.
<blockquote>“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.</blockquote>
Slot sees potential for improvement within the existing squad, especially if key players such as Trent Alexander-Arnold, Mohamed Salah, Curtis Jones, and Dominik Szoboszlai can avoid the injury setbacks that affected their 2023-24 seasons. There is hope that Slot can help players like Darwin Nunez reach their full potential.
<blockquote>“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.”</blockquote>
Although Slot’s role is that of a head coach rather than a manager, he still has significant input in recruitment decisions. His approach is collaborative, working closely with Hughes, who manages negotiations and contract situations, allowing Slot to concentrate on coaching and player development.
Can We Expect Liverpool to Make Signings Before the Window Closes?
Yes. Liverpool are expected to return from their U.S. tour on August 4, and Slot should have his full squad together for the first time at the Kirkby training ground. By then, the club’s transfer needs should be clearer, and it is likely that business will be conducted if the right opportunities arise. Funds are available, and while this was never going to be a summer of major overhauls, fine-tuning is necessary.
The wait for a major transfer announcement continues, but it is premature to judge Liverpool’s transfer window before it closes at the end of August.
