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Liverpool Echo
Liverpool Echo
Sport
Ian Doyle

FSG net spend truth is clear - Liverpool will invest a lot this summer

If there's one industry that has welcomed a difficult season for Liverpool, it's the plane hire business.

Twice in the last few months, a banner has been flown over Anfield on matchday demanding the club's owners, Fenway Sports Group, depart the club immediately.

The first, shortly before the 7-0 thrashing of Manchester United in March, declared "FSG OUT - KLOPP IN - ENOUGH IS ENOUGH", while half-time of the extraordinary 4-3 triumph over Tottenham Hotspur a fortnight ago saw the message "LFC - SOX - PENGUINS. SAME PROBLEMS. FSG OUT!" buzzing around the Merseyside air.

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The lack of reaction from matchgoing supporters to either demonstration suggests any strength of feeling among Anfield regulars is not quite as pronounced as those who in January failed in their attempt to arrange a protest against the owners before the goalless home draw with Chelsea.

Where all Liverpool fans are in agreement, though, is in believing Jurgen Klopp deserves greater backing in the transfer window. FSG have implied as much themselves with confirmation from principal owner John Henry in February that while the club is not for sale, they are seeking outside investment.

But with none having so far been forthcoming, Klopp and the recruitment team are again having to plan for the summer market without the financial muscle possessed by most of their main rivals.

And given Liverpool have some obvious squad issues to address, the likelihood is that, regardless of any outgoings or creative work in the transfer market, FSG are going to have to bankroll signings to the largest extent in five years.

That the Reds last month stepped away from their long-term pursuit of Borussia Dortmund midfielder Jude Bellingham was glaring evidence funds won't be limitless, Liverpool having to make a tough call as the 19-year-old's value skyrocketed. Real Madrid now seems his most likely next destination, although there are only so many young midfielders the Spanish side can accrue.

A probable lack of lucrative Champions League football next season will no doubt hinder the Reds, but perhaps not quite to the extent some fear. And the departures of Roberto Firmino, James Milner, Alex Oxlade-Chamberlain and Naby Keita, while not for any transfer fee, will at least free up a significant chunk of wages.

And the trend in recent years has been for FSG to commit to an increasing amount of money on signings. The net spend - so often the figure to which the most vocal critics of the owners have pointed - has gone from £38m in 2020/21 to a £72m commitment this season. In the last five years, the net spend has been just over £250m.

True, Cody Gakpo - like Luis Diaz the previous year - had initially been earmarked for this summer before Liverpool chose to move early, but that the funds were made available suggests FSG are willing to loosen the purse strings if the deal simply has to be done.

Comparing Liverpool's net spend over the last five years to other Premier League clubs is intriguing. With the foundations of their squad in place in 2018 - when they won the title with 100 points - Manchester City have actually spent slightly less during the period, aided by extracting top dollar from sales, a trait the Reds can also often boast.

The big money has instead been spent by those who have wanted to close the gap to City and Liverpool. Arsenal, title contenders this term, have a net spend double the Reds in that five-year period, while Chelsea are approaching triple the amount. Manchester United aren't far behind, while Tottenham Hotspur and Newcastle United also have a higher net spend than Liverpool.

But that the same also applies to Aston Villa, West Ham United and Wolverhampton Wanderers underlines splashing the cash alone isn't enough. How it is spent, and how the players are then used, are sometimes just as important. Beyond doubt, though, is the greater the funds, the greater the options.

It's worth bearing in mind that by 2017/18, Liverpool had qualified for successive Champions League campaigns and had just reached the final of the competition. They were much further down the line of constructing a trophy-winning squad than many other teams, although the huge spend in the immediate wake of the defeat to Real Madrid highlighted how the last step can be an expensive one.

Liverpool aren't quite in the same position right now - it was only last year they came close to winning the quadruple, don't forget - but have been mindful in the past few seasons to drive down the average of the squad with versatile talent. But the travails this season have indicated that evolution now needs to be accelerated, even if the imminent departure of sporting director Julian Ward and no resolution yet regards a successor add an extra layer of complication. After all, the likes of City, Newcastle, Arsenal and Manchester United aren't going to stand still watching what happens at Anfield.

So, what should Liverpool fans expect?

At least two or possibly three midfielders, for a start. That will be expected to take up the vast majority of the Reds' outlay, with Brighton's Alexis Mac Allister and Chelsea's Mason Mount now highest on the list of targets. Any other transfers are likely to depend on whether any players seek to leave Liverpool, with goalkeeper Caoimhin Kelleher and centre-back Joel Matip reportedly attracting interest from elsewhere.

The possible net spend is mere conjecture at this stage. But the necessary transfers won't come cheap, and the gradual increase in recent years indicates it wouldn't be a surprise if a commitment approaching £100m or beyond is made to strengthen the squad.

The FSG financial model may now be somewhat dated with regards to the transfer market - that outside investment cannot arrive soon enough - but Klopp has long accepted the way of working. As he pointed out a fortnight ago, Liverpool won't become a Chelsea any time soon.

"We cannot do it like that," said the Reds boss. "And that’s what we will not do. You have to bring in the right players and build a new team. This team wrote a sensational story and now we start a new one, that’s it. How many players? We will see. We will see."

Liverpool will do major business this summer, even if it perhaps wasn't exactly what they had initially intended. But should FSG not continue their recent trend of increasing the net spend and fail to back Klopp to the required extent, expect the plane hire business to be rubbing their hands together in anticipation of an influx of requests next season. The clock is ticking.

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