[Locke]

How Liverpool navigated PSR to spend so heavily.

In total, Liverpool spent £446m - the most ever spent by a Premier League club in a single window, eclipsing the £434.5m spent by Chelsea in the summer of 2023.

But how, in the era of PSR, did the champions finance such a huge transfer spend?

PSR limits clubs to outlays relative to their revenues. And Liverpool have big revenues.

They turned over £614m in their last set of accounts. By contrast, Newcastle turned over £320m.

There have been big sponsorship deals, such as the new link-up with adidas, which is reported to be worth as much as £60m per year over the next decade. Anfield has been expanded to increase matchday income and hospitality takings. There has also been a flood of prize money for achievements in the Premier League, Champions League and the cups in recent years.

Even including this bumper 2025 splurge, Liverpool only rank seventh among Premier League clubs for net spend since 2016/17. That means when sales are factored in, Liverpool have spent less than the likes of Tottenham and West Ham.

The hierarchy have also succeeded in that trickiest of fields - generating significant income from player sales.

This summer, Luis Diaz was sold for £65m and Darwin Nunez for £56.6m. They are headline fees but there was also substantial returns for fringe players Jarrell Quansah (£35m), Ben Gannon Doak (£25m), Caoimhin Kelleher (£18m) and Tyler Morton (£15m).

Arsenal (£257m) have had a bigger net spend this summer than Liverpool (£218.4m)

Liverpool have spent more than any club ever has in a transfer window. But when you deduct the money generated from sales, their net spend ranks fourth among Premier League clubs since 2016.

https://www.skysports.com/football/n...reaking-window