Liverpool

Mohamed Moallim
BBC Sport Journalist

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The Premier League's financial landscape has changed dramatically over the past decade. Since 2016 total summer transfer spending has risen from £1.16bn to a record £3.19bn in 2025 – an increase of almost 175%.

On the surface, that suggests transfer figures are continuing to accelerate. Headline fees, though, tell only part of the story.

Research by Kieran Maguire and colleagues at the University of Liverpool suggests some of the Premier League's earlier record signings represented even greater investments when measured against clubs' buying power at the time.

Using Premier League broadcasting revenues as an index, Alan Shearer's £15m move from Blackburn Rovers to Newcastle United in 1996 remains the league's biggest transfer relative to clubs' spending power. Rio Ferdinand's £29.1m move to Manchester United in 2002 and Juan Sebastian Veron's £28.1m arrival at Old Trafford in 2001 also rank above any of this summer's blockbuster deals.

The same model suggests Trevor Francis' £1m move from Birmingham City to Forest in 1979 – English football's first £1m transfer – would equate to about £173m in today's market.

That does not mean the fees paid for Morgan Rogers, Elliot Anderson and Sandro Tonali were modest. Rather, it reflects how dramatically Premier League revenues have grown, allowing clubs to spend sums that would once have been unimaginable.

When Jack Grealish became Britain's first £100m footballer when joining City from Villa in 2021, the transfer marked another turning point in the evolution of the market.

Only five years later, nine-figure deals are no longer viewed as extraordinary. They have become a familiar feature of Premier League transfer windows.

The next milestone may not be far away.

While no Premier League club has yet paid £200m for a player, football's financial ceiling continues to rise and the first transfer of that magnitude no longer feels beyond the realms of possibility.

• Read more on transfer fee evolution

Daniel Austin
BBC Sport senior journalist

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FSG originally made clear in 2022 that it would be open to new investment in Liverpool, either from minority shareholders or a potential full sale.

It said at the time: "FSG has frequently received expressions of interest from third parties seeking to become shareholders in Liverpool.

"FSG has said before that under the right terms and conditions, we would consider new shareholders if it was in the best interests of Liverpool as a club."

The full sale never materialised but the agreement with Dynasty in 2023 was valued at between £82m and £164m, and was hailed by FSG as helping offset bank debt accrued from infrastructure projects, including the redevelopments of the Main Stand, Anfield Road End and the club's Kirkby training ground.

At the time of that deal, FSG president Mike Gordon said: "Our long-term commitment to Liverpool remains as strong as ever. [We want] to further strengthen the club's financial position and sustain our ambitions for continued success on and off the pitch."

Since then, FSG has explored the possibility of purchasing a second club in continental Europe to add to its portfolio.

The multi-club model would have followed the examples of Chelsea and Manchester City, whose owners also operate clubs in other territories.

But after examining potential purchases, including Spanish sides Malaga and Getafe ,and French club Bordeaux, FSG did not proceed with any of the deals and is now understood to have moved away from the model.

That decision to eschew the approach led to the departure of Michael Edwards last month - the former Liverpool sporting director had been rehired by FSG in order to lead the multi-club project.

Current sporting director Richard Hughes is managing the club's transfer strategy this summer and has a contract lasting until summer 2027, but is believed to be open to a move to Saudi Arabia in the near future.

Liverpool principal owner John W Henry has taken a back seat on matters relating to the club in public since acknowledging and apologising for his role in the widely derided European Super League project in 2021.

Read more here

Former Liverpool striker David Fairclough says his 1970s team-mate Kevin Keegan "had time for everybody" throughout his playing career and beyond.

The pair played alongside each other for two seasons, from Fairclough's first-team debut in 1975 to Keegan's departure in 1977.

Keegan, who won seven major trophies including the European Cup and three first division titles at Liverpool, died weeks after revealing he had been diagnosed with stage four cancer.

"I remember going home after training, having been an apprentice, and telling my friends how close I had been to Kevin Keegan," Fairclough told BBC Radio Merseyside. "I would tell them about the fact he had even addressed me.

"As a young kid, it was so nice that he had noticed me. I remember my mates being gobsmacked about it because he was the top man at Liverpool at that time.

"Then I broke into the first team and got to play alongside him a year or so after joining the club. There were some incredible moments because just as I was breaking into the team, Peter Cormack was coming out of the team.

"He had been Kevin's regular roommate throughout the years, so Kevin had a spot free and I was paired with him for a few games. That was a fantastic experience.

"I remember being in London, playing against Tottenham, and Kevin saying to me: 'When people notice you in London, you know you've made it'. He wanted to buy a shirt so off we went to Harrods and I was just watching peoples' reactions as he walked through the doors.

"You know you've got fame when people are picking you out down south. He had time for everybody. I've never seen anybody in the game give as much time as he did. He never refused an autograph or a conversation with anybody.

"He just stood out. He bounced into Anfield. He was dressed differently to the other players. In the days of platform shoes and flares, he walked in like a model. He was always cheery. I never remember him coming in and being downhearted.

"It was a very good time for me to be around him because I was young and impressionable, so I looked up to people like him and I started to do things the Kevin Keegan way."

Listen to the full conversation above or on BBC Sounds

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Sir Kenny Dalglish says he is "very saddened" by the passing of former Liverpool forward Kevin Keegan in a personal tribute on Instagram.

"Kevin was one of the very best players of his generation and wore Liverpool's famous number seven shirt with great distinction," Dalglish wrote. "His achievements on the pitch were exceptional, but he was also a wonderful person and genuine gentleman.

"Kevin's qualities didn't stop when he finished playing. He went on to become an outstanding manager, and what he built at Newcastle United brought belief, excitement and pride back to the football club.

"He gave so many people wonderful memories and his teams played the game in a way that supporters loved to watch.

"Football has lost one of its true greats."

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Keegan's former Liverpool and England team-mate Phil Thompson echoed Dalglish's sentiment and said "it's a difficult time for everybody".

"When I first heard the news, I was absolutely devastated," Thompson said on BBC Radio 5 Live's Football Daily podcast. "But I've been listening to all the tributes and love for Kevin, and about all the love that he gave to everybody else.

"He was a lovely man and that is above all his footballing exploits.

"Humility poured out of Kevin's veins. He was just such a nice guy.

"He never turned down an autograph or photograph. He was the best of all the people I have known in football and in sport.

"There was an honesty in everything about him. He didn't have the greatest ability in the world, but he made the best of what he had which drove him forward. He knew how good he was.

"Even as England manager, he knew his limitations and that is Kevin in a nutshell.

"When he came to Liverpool, he was a star waiting to happen. We got a superhero in 1971 and he was a revelation. He was inspirational.

"He hit it off with Bill Shankly and the two of them were inspired and it took us to new levels. He was the spark the football club needed at the time."

Listen to a special Football Daily podcast which reflects on the life and legacy of Kevin Keegan on BBC Sounds

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Thirty-four years ago a £13m transfer caused national outrage in Italy.

When AC Milan signed Gianluigi Lentini from Torino in 1992 for a then world record fee, newspapers called the deal "obscene", while the Vatican's official newspaper described it as "an offence against the dignity of work".

Today that fee would barely register among the Premier League's biggest transfers.

This summer alone Chelsea have agreed a club record £117m deal for Aston Villa's Morgan Rogers, Manchester City paid Nottingham Forest £116m for Elliot Anderson, and Tottenham spent a club record £100m on Sandro Tonali.

These are not the only major deals. Tottenham also agreed an £85m move for West Ham midfielder Mateus Fernandes, Barcelona paid £69m to sign Anthony Gordon from Newcastle United, and Manchester United spent £50m on Chelsea midfielder Andrey Santos.

It is the first transfer window in Premier League history to produce three £100m-plus signings - and there are still weeks to go before deadline day on 1 September.

During the 2025 summer window English top-flight clubs spent a record £3bn.

So why are transfer fees continuing to climb? Why are clubs paying record sums for players already playing in England? And why are more clubs willing to sell some of their biggest stars?

Read more here on the big spending taking place in the Premier League

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We asked for your memories of Liverpool legend Kevin Keegan after the sad news of his passing was announced on Monday.

Here are some of your replies and stories:

Mike: Our student flat was opposite the digs where Kevin Keegan lodged when he first arrived in Liverpool. He had a metallic green Ford Capri and I'd bump into him at the shops down the road (literally, as he only came up to my chin). Then on a Saturday we'd stand on the Kop and watch him dazzle - heady days!

Mark: My first memory of football was Kevin Keegan scoring twice in the 1974 cup final against Newcastle. Hooked from that day forward. Absolutely gutted when he left Liverpool.

John: A true Liverpool legend. Always gave 100% for club and country. He will be sorely missed.

Andrew: I met Kevin at Liverpool FC when he was visiting with Newcastle. I was working for Liverpool's sponsors at the time. He came briefly into the hospitality suite but was mobbed by all and quickly left. We followed him out as he made his way to the Newcastle team bus and had to push his way through a massive crowd of home supporters, all asking for his autograph. He ignored most of these requests. One supporter stopped him in his tracks with the comment: "Kevin please sign my programme, you're my hero… I even named my dog after you", he duly stopped and laughing signed the programme and climbed on board the coach. A true legend who will be sadly missed by all football supporters. RIP Kevin.

Rachel: Kevin Keegan was the reason I started supporting Liverpool from 1975 to the present date. He was always my number one player. A sad day.

Jamie: Mine is a childhood memory of Kevin Keegan training in his kit at his farm in North Wales. Used to see him regularly out practicing as I was too young at the time to go to Anfield. It's something I will never forget as the red kit stood out a mile.

Tim: My Dad is Greek and he meet Kevin Keegan in Athens in 1972 when Liverpool played AEK Athens in the Uefa Cup. Kevin stopped and asked my Dad for directions in Athens and he helped him and another player get where they wanted. Kevin said thanks and even got him a ticket for the game. A true great man, on and off the field.

Sam: In 2011 at 14-years-old, I won an EFL competition to be a pundit for a day. My pundit mentor was Kevin Keegan, a dream for any LFC fan. He never once judged my shoddy haircut or terrible jumper, and instead was a gentleman throughout the entire day, doing everything he could to encourage me and make the day magical. He will always be something pretty special to me.

Image source, Getty Images

Legendary former Liverpool defender Mark Lawrenson has paid tribute to Kevin Keegan, who has died at the age of 75.

Lawrenson worked as a coach under Keegan during his time as Newcastle boss.

"He had time for everybody," Lawrenson told BBC Radio 5 Live.

"You wouldn't say in terms of football that he was completely gifted, but he worked like stink to get himself even better and quicker and everything.

"Just such a lovely lovely man who had time for everybody. It's a very, very sad afternoon.

"What is quite unusual is opposition supporters would actually clap when he came onto the pitch, which they very, very seldom do.

"The way he made himself into a top player was great for all people to see.

"He went to Liverpool. At the start of the season you have a game between potential first-team and the team who will play against them.

"He played in that game against the first team and at the end, Bill Shankly put him in the team and Kevin basically never got out of the team. He got better and better and he was a top footballer, he really was.

"He was then a really good manager. Newcastle really love and loved him. He went there at the right time and he was just great with everybody.

"Keegan did fab at Newcastle. He was just fun as well."

Phil McNulty
Chief football writer

Kevin Keegan was the spearhead of Bill Shankly's second great side, in total winning three league titles, the European Cup, FA Cup and the Uefa Cup twice under his Scottish mentor and then his successor Bob Paisley.

He was instrumental in all of those triumphs, scoring twice in the 3-0 victory against Newcastle in the 1974 FA Cup final. His first prompted the famous line from BBC commentator David Coleman: "Goals pay the rent - and Keegan does his share."

In the subsequent Charity Shield against league champions Leeds United, Keegan was sent off after a flare-up with Billy Bremner, who was also dismissed, with both leaving the Wembley pitch shirtless. Johnny Giles had been the instigator, landing a blatant right hook on the Liverpool player, but was not sent off.

In the 1972-73 Uefa Cup final against Borussia Monchengladbach, Keegan scored twice in the first leg at Anfield, a game played at the second attempt after a thunderstorm 24 hours earlier caused the match to be abandoned after 27 minutes.

The rearrangement allowed Shankly to recall John Toshack, who had been left out of the initial match, and he and Keegan tormented the Germans in a 3-0 victory, Liverpool subsequently winning 3-2 on aggregate.

When the trophy was won once more against Club Brugge three years later, this time under Paisley, Keegan scored a vital goal in Belgium, the second leg finishing 1-1 to ensure a 4-3 aggregate victory.

Ever ambitious and eager to test new horizons, Keegan announced midway through the 1976-77 season that he would leave Liverpool at the end of the campaign.

It brought some criticism from supporters, but was another example of deception never being part of Keegan's character, allowing Liverpool time to line up Kenny Dalglish as his replacement.

He went out on the highest high in his final game, running the great German defender Berti Vogts ragged as Liverpool won the European Cup for the first time, beating Borussia Monchengladbach 3-1 in Rome.

Keegan left having scored 100 goals in 323 appearances.

Read more on Keegan's life and career here following his death at the age of 75

Phil McNulty
Chief football writer

Image source, Getty Images

Kevin Keegan, who has died aged 75, was one of football's most charismatic and influential figures in a career of many chapters that took him from superstar player to elite manager.

While some may remember him best for his ill-fated reign as England manager, he will rightly be much more celebrated as a world-class player at Liverpool and Hamburg, captaining England, and shining latterly at Southampton and Newcastle United, before becoming arguably the most beloved figure in the Tyneside club's history.

Keegan's career was a reflection of himself.

He was hugely gifted, honest, decent, hard-working and emotional. There were highs and lows, but the positivity and vibrancy he brought made him a cherished figure.

Born in Armthorpe near Doncaster, Keegan came to Liverpool manager Bill Shankly's attention when playing more than 100 games for Scunthorpe United, sitting on a bin outside Anfield while the Iron's legendary Scottish boss Ron Ashman finalised one of the all-time great bargains as the 20-year-old was transferred for £35,000 in 1971.

Keegan was regarded by some observers as simply a hard-working player who made himself great through sheer grit and determination. The initial assertion was correct, but he was much more than that.

Shankly, not one to knowingly undersell his players, told Keegan within a fortnight of arriving at Liverpool that he would play for England.

The new signing scored on his Liverpool debut on the opening day of the 1971-72 season against Nottingham Forest at Anfield, a scruffy finish set up by John Toshack. It was the start of a beautiful football relationship with Liverpool as well as with the Welshman.

Their almost telepathic partnership - a classic "big man, little man" combination - was even put to the test on television.

They gelled to such an extent that Granada TV's groundbreaking Friday magazine show Kick Off had Keegan and Toshack sitting back to back, trying to guess the colour and shape of a card the other was holding.

Such was their success rate some thought telepathy actually was at work - but the pair later revealed there was a mirror in the studio and they could see the other's cards.

Read Keegan's obituary here

Image source, Getty Images

Former England captain and manager Kevin Keegan has died at the age of 75, seven weeks after he revealed he had been diagnosed with stage four cancer.

One of English football's most decorated players, Keegan enjoyed spells at Scunthorpe United, Liverpool, Hamburg, Southampton and Newcastle during an illustrious playing career.

The two-time winner of the Ballon d'Or later went on to manage Newcastle, Fulham, England and Manchester City.

In a club statement, Liverpool said: "The thoughts of everyone at the club are with Kevin's family and friends at this hugely difficult time.

"Our 'Mighty Mouse', his legacy at Liverpool will be forever etched in history."

What are your favourite memories of Keegan? Were you fortunate enough to meet him during his playing days on Merseyside?

Get in touch with your stories here

Aadam Patel
Liverpool reporter

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Liverpool left for Chicago on Monday with a 31-man touring squad for their pre-season tour in the United States.

A mixed squad of first-team players and academy youngsters have travelled, with some of the World Cup contingent expected to join up during the tour.

Virgil van Dijk, Cody Gakpo, Ryan Gravenberch, Florian Wirtz, Alexander Isak, Alisson, Alexis Mac Allister and new signing Victor Munoz were all at the tournament and their return dates will vary, depending on their situation.

Among the travelling party are a handful of players like Hugo Ekitike, Conor Bradley, Giovanni Leoni, Wataru Endo and Stefan Bajcetic, who will continue their injury rehabilitation programmes with the club's medical team.

Chicago will be where the Reds will be largely based for the next fortnight.

Andoni Iraola's side have friendlies scheduled in Nashville, New York and Chicago. The plan is for the squad to fly to Nashville and New York on the day before the games and then to return to Chicago after the matches.

Liverpool's first friendly is on Saturday against Sunderland at Geodis Park in Nashville (23:00 BST).

The Reds then take on Championship side Wrexham at Yankee Stadium next Wednesday evening local time (00:30 BST on Thursday).

Liverpool will finish their trip with a game against Leeds United at Soldier Field in Chicago a week on Sunday (21:00 BST) before flying back to England.

Their pre-season schedule concludes with two friendlies at Anfield against Monaco (9 August) and Como (16 August) before they kick off their Premier League campaign away to Newcastle on Sunday, 23 August.

Initial Liverpool squad for USA tour (in squad number order): Gomez, Endo, Jacquet, Kerkez, Szoboszlai, Bradley, Chiesa, Leoni, Jones, Elliott, Tsimikas, Ekitike, Mamardashvili, Woodman, Frimpong, Abe, Nyoni, Bajcetic, Chambers, Ramsay, Scanlon, McConnell, Jaros, Koumas, Morrison, Ngumoha, Wright, Hall, Sonni-Lambie, Ndukwe, Davies.

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Liverpool have appointed Alejandro Rosalen as their new first-team goalkeeping coach.

The 49-year-old Spaniard joins Andoni Iraola's backroom staff, replacing Xavi Valero, who has now departed the Reds after a second spell with the club in 2025-26.

His move comes as 21-year-old Liverpool keeper Armin Pecsi is close to agreeing a season-long loan with Austrian side TSV Hartberg.

Rosalen's most recent position before coming to Merseyside was at Serie A side Napoli, from 2021 to this summer.

While at the club, Rosalen contributed to Napoli lifting the Scudetto on two occasions (2022-23 and 2024-25).

He also spent eight years with Italian side Fiorentina.

Aadam Patel
Liverpool reporter

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Liverpool have a World Cup winner and runner-up in their squad after Spain beat Argentina in the final on Sunday.

New signing Victor Munoz did not play a minute for Spain at the tournament but has a winner's medal. Alexis Mac Allister excelled for Argentina after a below-par season at Anfield, and his effective display against England will certainly have pleased Iraola.

Aside from that, Liverpool will take plenty of confidence from the other players they had in North America. Alexander Isak scored once and got three assists for Sweden while Florian Wirtz provided three assists for Germany.

Cody Gakpo scored three times for the Netherlands, with Virgil van Dijk and Ryan Gravenberch also playing for them.

Meanwhile, Alisson played every minute for Brazil before they were knocked out by Norway in the last 16.

In terms of signings, Liverpool have expressed interest in Yan Diomande, while Bradley Barcola is also on their shortlist. Both impressed for Ivory Coast and France respectively.

Read more on the World Cup's impact on clubs

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Liverpool fan and Spion Kop podcast host Peter Bolster says Dominik Szoboszlai committing his "prime years" by signing a new contract at the club shows he wants to "make a real legacy" with the Reds.

The Hungary international had two years left on his current deal but has signed a new five-year contract to keep him at the club until 2031.

"I'm very relieved because he's obviously a fantastic player, he was the player of the season last season, he worked the hardest, and the one who really came out with any credit," Bolster told Total Sport's Paul Salt on BBC Radio Merseyside.

"Also, if you look at the lack of numbers in that Liverpool squad - you couldn't really afford to lose anymore players.

"He had two years left on his contract but the fact he has committed to Liverpool at the age of 25 shows he is willing to spend his prime years at the club. That says it all really.

"He came back to pre-season last week and was turning up to training before everyone else - it looked like he was taking advice from Mohamed Salah. It looks like he is taking on that leadership role and grabbing the club by the scruff of its neck really.

"He's thinking, 'this is my place and I want to make a real legacy here'."

Listen to the full chat below or on BBC Sounds

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Andoni Iraola and his coaching staff spend most of their day at the training ground - with a major emphasis on assessing the capabilities of the current squad.

The new head coach has told players that he's viewing them as new signings. Harvey Elliott returned a week earlier than expected while Curtis Jones looks like "he has had a great summer", according to one source. Jeremy Jacquet, who has been given the number five shirt, is settling in nicely and has recovered from his shoulder injury.

On the whole, the players have returned in "good nick", with medical staff impressed. When it comes to endurance, under Jurgen Klopp the players would do a lactate test while it was a six-minute race test under Slot.

Iraola's fitness test is slightly different - players move on a pitch with diagonals and cones to replicate changes of direction with high intensity.

"It's deceptive as your legs just go," defender Joe Gomez can be heard saying to Jones.

Those at the training ground say there is certainly a youthful vibe to the squad, with eight players on World Cup duty yet to join. As one source puts it: "This really is a chance for a new group to emerge before more of the seniors return."

"Definitely there are going to be changes," Iraola told Stan Sports in an interview. "A lot of senior players, players who have won everything here have left and we need other players to not replace them but assume (more responsibility) in terms of inside and outside the pitch."

Coming into a club the size of Liverpool has certainly been different for Iraola but there is a general respect around the building for the 44-year-old and the job he did at Bournemouth.

If his first week is anything to go by, Iraola is confident and certainly comfortable but not necessarily box office. Perhaps one way to put it for now is that his presence won't be felt yet like it was with a big character like Klopp.

Those who know him well believe he won't change his ways and Iraola said as much in his introductory press conference.

Come Monday afternoon, Liverpool will be flying across the Atlantic to Chicago, where they will be based for their pre-season tour that also includes fixtures in Nashville and New York.

That trip will offer Iraola the first real chance of working with an expanded group of players, with most of the remaining first team squad expected to join up, and a range of academy players also travelling, including 15-year-old Josh Abe.

Either side of the three scheduled friendlies, where most will get playing time, double training sessions are scheduled in the heat. Both Iraola and his squad will know that from now on, the pressure will only heat up too.

• Read more from Aadam

European champions Spain broke the resistance of 10-man Argentina in extra-time to win their second ever World Cup in New Jersey.

Barcelona's Ferran Torres was the difference maker in what was an overall disappointing final that was littered with interruptions.

Spain created the best opportunities against the defending world champions, who mainly resorted to spoiling tactics and had Chelsea's Enzo Fernandez sent off just before the game went into extra time.

Torres was the hero for Spain when he collected substitute Nico Williams' header to beat Argentina and Aston Villa keeper Emiliano Martinez with a powerful shot from close range after 106 minutes.

Seven Premier League players will now return to their five respective clubs for the new 2026-27 season having won the biggest honour in world football.

Liverpool are prepared to join Manchester United in the race for Roma's 25-year-old France midfielder Manu Kone. (Football Insider), external

Liverpool want to sign Sweden left-back Daniel Svensson from Borussia Dortmund, but may face competition from Arsenal for the 24-year-old's signature. (Caught Offside), external

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