Liverpool's transfer window has come to a close with the club having spent heavily once again, though questions remain over whether manager Andoni Iraola has been left with enough depth, particularly in defense and midfield, following a mixed start to the season.
After a record-breaking £415m outlay last summer under previous manager, Liverpool's spending this time around was always expected to be more restrained. Yet including a January deal for Jeremy Jacquet, the club's net spend sits at close to £200m. New arrivals Victor Munoz, Ronald Araujo on loan, and forward Bradley Barcola have arrived for a combined £217.5m, with Barcola's £123m move from Paris St-Germain standing out as the second most expensive transfer of the summer across Europe.
PSG sources described their summer trading as part of the "greatest super sub window ever," having raised more than £280m from selling fringe players including Goncalo Ramos, Lee Kang-in, Randal Kolo Muani, and Ibrahim Mbaye — all of whom, like Barcola, often featured from the bench last season. Despite limited game time in Paris, Liverpool believe the 24-year-old Frenchman is one of the most talented wide attackers in the world game, and there is optimism inside the club that a front line featuring Barcola alongside Florian Wirtz and Alexander Isak — a combined £364m worth of attacking talent — could become one of the most feared in Europe.
However, the summer has also seen Liverpool lose significant experience. Mohamed Salah, Andy Robertson, and Ibrahima Konate all departed on free transfers, while Curtis Jones left for Inter Milan in a £30m deal. Liverpool also rejected an £80m bid from Manchester City for Cody Gakpo, unable to find a like-for-like replacement in time.
The early signs from Liverpool's first two Premier League matches suggest the squad may be short in key areas, especially at the back, where they have already conceded twice in each fixture. Long-term injuries to Giovanni Leoni and Conor Bradley, along with a pre-season issue for Joe Gomez, forced Liverpool into signing Araujo on loan from Barcelona. The 27-year-old Uruguayan is viewed as a short-term solution, though Liverpool retain the option to sign him permanently for £47m next summer, when Virgil van Dijk's contract is set to expire.
Looking further ahead, the club consider Leoni, 19, and Jacquet, 21, among the most promising young centre-backs in Europe, with academy prospects Mor Talla Ndiaye and Ifeanyi Ndukwe also having caught the eye in pre-season. Liverpool further strengthened for the future by signing 18-year-old goalkeeper Lucca Brughmans from Genk in a deal worth up to £30m, fending off interest from Bayern Munich. The towering Belgian, who came through the same academy as Thibaut Courtois, could eventually challenge for the number one spot given Alisson's contract situation and Giorgi Mamardashvili's slow start to life at Anfield.
At full-back, Milos Kerkez has endured a difficult beginning to the campaign, though there is hope he can flourish under Iraola, having previously worked with the manager at Bournemouth. On the opposite flank, Jeremie Frimpong has also struggled, and Liverpool's reported attempt to bring in Chelsea's Malo Gusto on loan fell through on deadline day, leaving right-back as an area of concern until Bradley returns from injury.
In midfield, despite Newcastle exploiting gaps on the counterattack in a recent defeat, Iraola insisted the issue was not a lack of personnel. Former Liverpool striker Daniel Sturridge, however, argued that the club has lacked a true defensive midfielder since Fabinho's departure in 2023. Liverpool are said to be content with their current options — Alexis Mac Allister, Ryan Gravenberch, and Dominik Szoboszlai, both of whom signed new long-term deals this year, along with Wataru Endo and 19-year-old Trey Nyoni. While the club reportedly monitored Lamine Camara, there was no concrete plan to sign a midfielder this summer, with any permanent addition more likely in January or next year.
With an average age of 22 among first-team signings over the past two windows, Liverpool appear to be building for the long term. But with the Champions League campaign starting on 10 September and a congested fixture schedule ahead, the club will hope reinforcements return from injury soon enough to prove doubts about squad depth unfounded.
Based on reporting from BBC Sport.