Liverpool’s $900 Million Transfer Outlay Still Looks Like a Waste as Reds Stumble

It’s a strange sight at Anfield these days. The club has poured close to $900 million into the transfer market over the last two summers, yet the first few fixtures of the 2026‑27 Premier League season have been nothing short of miserable.

Four league games in and Liverpool have collected just one point – a goalless stalemate with Fulham that followed draws against Newcastle United and Nottingham Forest, and a loss that was conveniently left off most headlines. The blame game could have started yesterday, but former defender Jamie Carragher chose a different angle on Sky Sports’ Monday Night Football.

“I’m not pointing fingers at the manager,” Carragher said, looking straight into the camera. “It’s a terrible start, but this is a squad that should be delivering at least ten points by now. The fault lies with the players, not the coach.”

His comments come just weeks after Andoni Iraola was handed the reins in early June, replacing Arne Slot – a man who was dismissed after a single Premier League title, the first for Liverpool in 35 years. Slot’s tenure was already under fire for a world‑record transfer spend that failed to translate into consistent performances.

The narrative is eerily familiar. Liverpool’s hierarchy, frustrated by an “unacceptable” season, swapped managers while insisting the talent pool was more than adequate. Yet, according to Carragher, the squad has been “really poor for a long time”, and the opening fixtures – arguably the easiest on the calendar – have only highlighted that fact.

It’s hard to ignore the numbers. In the summer of 2025 Liverpool dropped $604 million (£448.5 million) on eight newcomers. A year later, under the banner of Iraola’s high‑pressing philosophy, they added another $293 million (£217.5 million). The combined outlay hovers around $900 million (£668.5 million), a sum that would normally guarantee a trophy‑contending side.

Who left and who arrived? Here’s a quick recap of the signings that have defined the two transfer windows:

- Jeremie Frimpong, right‑back, Bayer Leverkusen – $40 million
- Florian Wirtz, attacking midfielder, Bayer Leverkusen – $116 million
- Milos Kerkez, left‑back, Bournemouth – $54 million
- Giorgi Mamardashvili, goalkeeper, Valencia – $39 million
- Hugo Ekitiké, striker, Eintracht Frankfurt – $106.5 million
- Giovanni Leoni, centre‑back, Parma – $40 million
- Alexander Isak, striker, Newcastle – $168.5 million
- Jérémy Jacquet, centre‑back, Rennes – $81 million
- Víctor Muñoz, winger, Osasuna – $46.5 million
- Bradley Barcola, winger, PSG – $166 million

All fees include add‑ons. On paper the Reds now have depth in every area, from a solid goalkeeper to a marauding front line. In practice, however, the cohesion and intensity that defined the Klopp era seem missing.

Former Liverpool talisman Mohamed Salah even hinted that the club’s style has drifted away from the “intense, fast‑paced” brand that once terrified opponents. With a new manager who preaches that same philosophy at Bournemouth, the expectation was a quick return to that high‑octane brand of football. Instead, the squad has looked disjointed, with key signings like Alexander Isak and Florian Wirtz yet to find rhythm.

For now, the pressure cooker is on the players. The fans, as Carragher noted, aren’t looking to question the manager – they’re waiting to see whether the huge investment can finally be justified on the pitch. If Liverpool can’t turn things around soon, the £900 million price tag may become a cautionary tale rather than a badge of ambition.