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There’s a disconnect between how Liverpool’s summer transfer window is viewed inside and outside the club.

Senior Anfield figures point to how their primary objective was achieved, having prioritised buying pace and penetration in wide areas following the departure of club legend Mohamed Salah at the end of last season.

They regard marquee signing Bradley Barcola, who arrived from Paris Saint-Germain in a £123million ($165.8m) deal, as one of the world’s outstanding wingers. There’s also excitement over the acquisition of Victor Munoz from Osasuna for a more modest £34.5m.

The hope is that duo can add a different dimension to Liverpool’s attack and help unlock the potential of last summer’s two most extravagant purchases, Alexander Isak and Florian Wirtz.

With £60m centre-back Jeremy Jacquet making a positive start after moving from Rennes and Ronald Araujo loaned from Barcelona to provide defensive cover, Liverpool believe they have what they need, especially when Giovanni Leoni, Conor Bradley and Hugo Ekitike return from long-term injuries.

Despite concern among supporters at not strengthening at full-back or in midfield, Liverpool didwhat they set out to do and there is confidence internally that new head coach Andoni Iraola will improve the talent at his disposal. There’s also an acceptance that patience will be required.

Liverpool had the highest net spend across the Premier League this summer, having committed to deals worth around £250m, including performance-related add-ons. That also factors in the £30m deal struck with young goalkeeper Lucca Brughmans, who will stay at current club Genk on loan this season.

The lack of saleable assets was underlined by the fact they only stand to generate around £32m from selling Curtis Jones, Luca Stephenson and Stefan Bajcetic. They lost a lot of experience with Salah, Andy Robertson and Ibrahima Konate leaving as free agents.

It was a far cry from a year ago when Liverpool embarked on a record-breaking £450m spending spree and offloaded players for £220m.

Yet this was a window played out to a backdrop of upheaval behind the scenes, with Fenway Sports Group CEO of football Michael Edwards leaving in July after growing frustrated over the owners’ reluctance to embark on the multi-club model.

Sporting director Richard Hughes, whose contract expires next summer, is also set to move on now the window has shut, having been pursued by Saudi Pro League outfit Al Hilal. But with FSG president Mike Gordon resuming oversight of Liverpool’s day-to-day running, Hughes still led the way in terms of conducting transfer business this summer.

It’s also a period of transition at ownership level, with FSG having recently agreed to sell a 38 per cent stake in the club to a consortium led by British-Indian businessman Amit Bhatia.

This is the story of a tumultuous few months, based on conversations with multiple sources with knowledge of Liverpool’s transfer business, all of whom spoke anonymously to protect their positions.

Before the window had even officially opened, Liverpool found themselves fending off interest from Juventus in Alisson.

Having triggered a one-year option in the 33-year-old Brazilian goalkeeper’s contract to keep him at Anfield until the summer of 2027, they had no intention of sanctioning his departure.

Sources close to Alisson strongly denied reports that he had agreed personal terms with Juventus and he never pushed for a move. During discussions, Liverpool reaffirmed how they felt about his enduring importance both on and off the field, with Iraola subsequently appointing him as one of his vice-captains, along with Dominik Szoboszlai and Joe Gomez.

There was a period towards the end of last season when it looked like Jacquet would be fighting with Konate for a place in the team rather than replacing him when he arrived at Anfield.

Konate had told reporters in late April that he was “close to an agreement” with Liverpool over a new contract, something he had “always wanted”. Senior Liverpool officials were surprised as they didn’t feel a compromise over an extension was within reach given Konate’s financial demands. And before Slot had been sacked, there was confirmation that Konate would be leaving when his contract expired at the end of June. The France international had agreed a four-year deal with Real Madrid.

With France Under-21 international Jacquet officially joining on July 1 for £60million from Rennes — a deal struck at the end of the January window — Liverpool were unconcerned. They also knew that Leoni was due back in September as the Italian centre-back completed his rehab following surgery on a torn anterior cruciate ligament.

At that point, Liverpool were not targeting more defensive reinforcements, with their focus on making attacking signings. They had already decided that Kostas Tsimikas, who had been on loan at Roma, should be Milos Kerkez’s deputy at left-back following the departure of Robertson.

The merits of Newcastle United winger Anthony Gordon were considered. Liverpool’s interest in Gordon went back to the summer of 2024 when they were on the brink of signing him for £75m with Joe Gomez set to go the other way for £45m. However, Newcastle pulled the plug.

Liverpool knew that Newcastle were looking to sell him abroad this summer rather than to a domestic rival and they also knew that Gordon favoured going overseas. As a result, pursuing him was never deemed realistic. The only surprise internally was that he went to Barcelona for £69m when the expectation was that he would join Bayern Munich.

RB Leipzig’s Yan Diomande and Osasuna’s Munoz were initially Liverpool’s most likely signings when it came to wingers.

Before they bolstered that department, senior Anfield figures were baffled by reports that Bayern Munich were exploring a move to sign Rio Ngumoha. Sky Germany claimed there had been productive talks between Bayern head coach Vincent Kompany and Ngumoha’s camp. Liverpool never received an official approach from Bayern but made it clear he was simply not for sale.

It was a bizarre episode, given that no player aged 17 or under enjoyed more first-team action for a Premier League club in 2025-26 than the former Chelsea academy youngster. If Ngumoha was feeling remotely unsettled or frustrated by his role at Liverpool, then it wasn’t articulated to the club.

In mid-June, Liverpool moved swiftly to beat Newcastle to the £34.5msigning of Spain international Munoz.

The club’s director of medicine and performance, Jonathan Power, was sent to the United States after the Spanish Football Federation (RFEF) granted permission for a medical to take place close to their World Cup base in the city of Chattanooga, Tennessee. Power linked up with chief scout Barry Hunter and head of performance physical therapy Chris Morgan.

Having agreed to pay Osasuna the fee in two instalments, half of which had to be passed on to his former club Real Madrid, the 22-year-old winger signed a six-year contract.

Newcastle had pinpointed Munoz as the perfect replacement for Gordon but, just like with Ekitike 12 months earlier, Liverpool beat them to him.

It was billed as a ‘hijacking’ but the reality was that Liverpool had first made contact with the player’s agency in early 2026 and had asked to be kept updated on his situation.

Munoz’s qualities had been discussed in the initial recruitment meeting between Hughes and Iraola, who had watched him regularly in La Liga. Iraola made it clear that he felt Munoz had all the qualities to flourish in his system and that he would relish the chance to work with him. Subsequent phone conversations between Iraola and Munoz proved crucial in convincing him to move to Anfield.

There had also been interest in Munoz from Bayer Leverkusen. Real Madrid had considered triggering their €8m (£6.9m; $9.3m) buyback option this summer, 12 months after they sold him to Osasuna for €5m plus €1m in add-ons, but Munoz had concerns over playing time at the Bernabeu. Barcelona were also keen on Munoz before signing Gordon, but Real Madrid wouldn’t have allowed that to happen.

Victor Munoz was also attracting interest from Newcastle (Jan Kruger/Getty Images)

With one winger on board, Liverpool sought to swiftly land another when they tabled an offer of €100m for Leipzig’s Diomande. That was an improvement on an earlier proposal during dialogue with the Bundesliga club regarding the Ivory Coast forward.

However, it fell significantly short of their valuation and Liverpool soon learned that Diomande preferred the idea of joining Paris Saint-Germain anyway. They had already moved on by the time Real Madrid entered the race and got the deal done for€125million, plus €15million in add-ons.

Brighton & Hove Albion’s Yankuba Minteh, Said El Mala of FC Koln and Lille’s Matias Fernandez-Pardo all featured on Liverpool’s revised shortlist, but the name at the top was Barcola.

Liverpool had considered trying to buy the France international 12 months earlier after the sale of Luis Diaz to Bayern Munich, but decided they didn’t want to block Ngumoha’s pathway.

Talks with Barcola’s camp soon established that he was eager to embark on a new challenge and wanted to move to Anfield. Frustrated by his place in the pecking order behind Khvicha Kvaratskhelia and Desire Doue, he had resisted PSG’s attempts to extend his contract, which had two years remaining.

However, Liverpool knew agreeing a fee with the back-to-back Champions League winners wouldn’t be straightforward. Initially quoted £145m, Liverpool were prepared to bide their time in the belief that PSG would reduce their demands closer to the end of the window, especially once they had brought in attacking reinforcements of their own. Their confidence was fuelled by Barcola reassuring them that he wouldn’t consider interest from any other clubs.

Finally, last week there was a breakthrough in negotiations with Liverpool agreeing to pay £106m, potentially rising to £123m with add-ons. Barcola flew into Manchester on Sunday to undergo a medical and sign a five-year contract, becoming the second most expensive player in Liverpool’s history behind Isak.

Sources close to FSG view the groundwork Hughes put into the Barcola deal over the past 12 months as vital in ensuring the France international ended up at Anfield and believe the decision to trust him to continue leading the way this summer, despite his impending departure, has been vindicated.

Hughes endured a torrent of criticism online for not doing more deals, but sources close to the Scot and senior Liverpool sources have all emphatically dismissed suggestions that he was dividing his time between Liverpool and his upcoming new role. All parties insist there was no conflict of interest. He will leave on good terms.

Factoring in the return of Conor Bradley, Leoni and Ekitike from long-term injuries influenced Liverpool’s transfer strategy. They didn’t want to commit significant resources in areas where players they rated highly were due to return in the coming months.

However, the extent to which the squad was stretched defensively during the pre-season tour of the U.S. forced them to take action.

With captain Virgil van Dijk not on the trip, Leoni still doing rehab and Jacquet sidelined by a knee problem, Gomez then limped off inside 10 minutes of the opening friendly against Sunderland in Nashville.

Iraola, who didn’t have a senior centre-back available, turned to youngsters Ifeanyi Ndukwe and Mor Talla Ndiaye. Both had been signed by the club’s global talent department, led by Matt Newberry, following their eye-catching performances at the Under-17 World Cup in Qatar last November.

Ndukwe, the Austria youth international, excelled, earning rave reviews from Van Dijk, but keeping him around for this season wasn’t an option as he didn’t qualify for a work permit to play in the UK. He was subsequently loaned to La Liga outfit Levante after a convincing pitch from manager Luis Castro, and only needs to play one league game to become eligible to play competitive football in England. His situation will be reassessed in January when Liverpool will decide whether to bring him back or leave him there for the full season.

Shortly after the tour, Liverpool secured the services of Araujo from Barcelona on a season-long loan. The 27-year-old Uruguay international’s wealth of experience appealed, as did his ability to provide cover at centre-back and right-back.

Ronald Araujo joined on loan from Barcelona (Paul Ellis/AFP via Getty Images)

There was no loan fee but Liverpool agreed to cover his wages, although Araujo also accepted a small pay cut to facilitate the move. The clubs negotiated an option to buy him for around £47m next summer. There were just four days between Liverpool making initial contact with Araujo’s camp and the player heading to Merseyside for a medical.

Szoboszlai, who had silenced the noise about his own future by signing a new five-year contract, caused a stir during the U.S. tour when he said “if Macca comes back” when talking about fellow midfielder Alexis Mac Allister. The Hungary captain subsequently insisted it was a slip of the tongue and he meant “when”.

However, speculation about Mac Allister persisted — despite his father, Carlos, coming out and saying he would be staying at Anfield.

Liverpool weren’t looking to move him on. But if Mac Allister had pushed for a move and a suitable offer had been forthcoming then Monaco’s Lamine Camara would have been the favoured replacement. Camara ended up being involved in his own deadline-day drama when Monaco U-turned on selling him to Chelsea for £47m. Interest in him could be revived by Liverpool in 2027 but there are no guarantees.

Another midfielder who featured on Liverpool’s shortlist if they had decided to strengthen in that area was West Ham United’s Mateus Fernandes, who was snapped up by Tottenham for £85million.

The only change in Liverpool’s midfield department saw Curtis Jones end his 16-year stay at his boyhood club when he was sold to Inter in a £30m deal.

The 25-year-old academy graduate had grown frustrated over being unable to hold down a regular place in his favoured position and wanted a fresh challenge. Having rejected two previous offers from the Serie A champions, Liverpool held out for a fee they felt better reflected his value.

They didn’t replace Jones, who made 28 starts in all competitions in 2025-26, because they believe teenager Trey Nyoni, who was open to a change of direction at the start of the summer, is ready to step up and play a much bigger role this season. Nottingham Forest offered Liverpool £30m for Nyoni but that bid was instantly rejected, with talks over a new contract expected to follow.

The manner in which Liverpool conceded twice from counter-attacks in the 2-2 draw at Newcastle United in their opening Premier League game only served to intensify the debate externally about whether the club needed to buy a specialist No 6.

But Iraola was convinced the problems could be solved by improving the team’s structure out of possession rather than a change of personnel. With Florian Wirtz set to be used as a No 10, Iraola effectively has Szoboszlai, Mac Allister, Gravenberch, Nyoni, Wataru Endo and James McConnell competing for two midfield spots. Szoboszlai can also operate in the Wirtz role.

Others on the fringes of the Liverpool squad were offloaded. Luca Stephenson joined Bolton Wanderers for £700,000 and Bajcetic returned to Celta Vigo for around £1m.

Unable to force his way into Iraola’s plans, Harvey Elliott was loaned to Valencia. There were alsotemporary moves for Armin Pecsi (Hartberg), Ndukwe (Levante), Calvin Ramsay (St Mirren), Kyle Kelly (Forest Green Rovers), Amara Nallo (HJK Helsinki), Calum Scanlon (Cardiff City), Kieran Morrison (Sheffield Wednesday), Kornel Misciur (Leek Town) and Keyrol Figueroa (Port Vale).

It had looked like Liverpool would make another attacking signing as well as Barcola. They inquired about Ibrahim Mbaye, who subsequently went from PSG to Aston Villa, and Endrick, but were told by Real Madrid that he wasn’t for sale. Malick Fofana, who ended up going from Lyon to Sunderland, had also been tracked by Liverpool.

However, Brighton’s Minteh and Crystal Palace’s Ismaila Sarr were the ones pursued. Liverpool had bids of £50m and £60m rejected for Minteh, with Brighton demanding £80m.Palace also played hardball over Sarr.

There was no approach for Sarr until the final week of the window. Palace sources say that, during discussions, Liverpool indicated that they would be willing to pay £45m with a further £5m in add-ons, but Liverpool sources say there was no formal offer. Either way, Palace made it clear they weren’t prepared to do business. Palace were frustrated not only by the timing and valuation, but the effect it had on Sarr, whose head had been turned.

Liverpool were interested in signing Ismaila Sarr from Crystal Palace (Fran Santiago/Getty Images)

Signing either Minteh or Sarr would have resulted in Liverpool sanctioning the departure of Cody Gakpo. The Dutch forward informed Liverpool last weekend that, if he was going to be sold, he would rather join Manchester City than Tottenham Hotspur.

City tabled a £80m offer but, on the penultimate day of the window, it was rejected as Liverpool decided they would be better off keeping Gakpo given the price of the alternatives.

Liverpool’s late flurry of activity was all about the long term. They moved quickly to agree a £30m deal with Genk for highly-rated 18-year-old goalkeeper Brughmans, who had also been heavily linked with Real Madrid. Brughmans, who signed a six-year contract, will remain in Belgium on loan this season before moving to Anfield next summer.

By then, Alisson will be out of contract and question marks remain over the future of his current deputy Giorgi Mamardashvili, who wants to play more regularly but hasn’t convinced since arriving from Valencia last year. Multiple sources say Mamardashvili was recently the subject of an inquiry from Nottingham Forest. That was denied by Forest when put to them by The Athletic but, either way, he stayed put.

The signing of Brughmans, which follows similar deals for Ndukwe and Ndiaye, underlines how Liverpool are trying to put themselves at the front of the queue when the best youngsters around the world turn 18 and become available to Premier League clubs.

There’s excitement about the potential of Colombia youth international Samuel Martinez, who will arrive from Atletico Nacional next summer for around £750,000. He caught the eye of the club’s recruitment staff with his outstanding performances at the South American Under-17 Championship in April, where Colombia beat Argentina in the final.

Liverpool also have a £4.3m deal in place with Saint-Etienne for young French winger Djylian N’Guessan, who will join them either in January or next summer after a spell on loan at Brest.

Having sold off a lot of young talent last summer, they have taken action to replenish the stocks. The long term looks bright, but whether they have done sufficient business for the here and now remains up for debate.

Recognising the end of one era and the need to spend heavily to rebuild, FSG have sanctioned signings to the tune of £700m over the past two summers combined.

The Anfield hierarchy know they could have improved what they’ve got in other positions this summer, but channelled their resources where they felt it would be most effective. Whether it was a good window or not will be determined by the results that follow.