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Despite Liverpool's stance that it will not return with a second bid for Alexander Isak, this summer's biggest transfer saga appears no closer to finding a solution.
Liverpool has spent significant amountsok s already this summer, almost $400 million (£300 million) to be exact, with Arne Slot adding the likes of Florian Wirtz, Hugo Ekitike, Milos Kerkez and Jeremie Frimpong to his squad. Those additions have the Reds perfectly placed to defend their Premier League crown but the addition of Isak would be a hammer blow to the chasing pack.
Last month, Liverpool communicated its interest in signing the Swedish striker and stated it was willing to go to around $160M (£120m) to get a deal over the line.
Of course, the formal offer - that Newcastle instantly rejected - was lower than that. The Magpies value their prized asset at $200M (£150m) and appear, at this stage, unwilling to budge. Liverpool has stated it does not plan to make an improved offer.
Isak has done his utmost to get the deal done and missed the club's tour of the Far East, amid initial claims that he was injured. It remains to be seen what will transpire this week but Isak has returned to the club's training ground with a warning from Eddie Howe likely ringing in his ears.
The two club's will lock horns on the field in a matter of weeks but their respective ownership groups have already had their dealings away from the Premier League.
The emergence of the Saudi Public Investment Fund (PIF) has had a groundbreaking impact on the sporting landscape, particularly with the launch of LIV Golf, which snared some of the biggest names away from the PGA Tour.
After years of bitter jibes, it was announced in June 2023 that a framework agreement was in place for a merger between the two organizations. Two years down the line, that is no closer to happening but Liverpool owner John Henry and PIF governor Yasir Al-Rumayyan have been involved in those negotiations.
Last year, FSG expanded its portfolio by investing an initial $1.5 billion in the PGA Tour through the Strategic Sports Group (SSG), made up of a number of different sports team owners, with Henry among its board members. It was later confirmed that the deal allowed for co-investment from the PIF.
Henry then joined forces with PGA Tour commissioner Jay Monahan for a 'constructive' meeting with Al-Rumayyan in the Bahamas in March 2014. However, ahead of last year's Masters it emerged that the PIF had failed in its attempt to persuade the PGA Tour to strike an agreement.
But the links do not stop there, with the PIF owning majority stakes in as many as four Saudi Pro League clubs. That funding has seen the likes of Cristiano Ronaldo lured to Al-Nassr but there could be another move on the cards this summer, this time from Anfield.
Darwin Nunez is widely expected to leave Liverpool this summer and his exit could have a bearing on a second bid for Isak. It was reported by The Athletic over the weekend that Al-Hilal - majoritively owned by PIF - had identified the Uruguayan as its No.1 transfer target.
That interest has now been registered to Liverpool, with Nunez open to the idea of moving to Saudi Arabia. While the club's head honchos are unlikely to have a hands-on role in transfer dealings, it once again opens up a transfer scenario.
Despite Newcastle's best wishes, could the PIF in fact help fund Liverpool's attempts to sign Isak, by making a big-money move for Nunez?
It appears unlikely, at this stage, that any deal for Isak will be agreed before the new Premier League season begins in under a fortnight. The transfer window, of course, has several more weeks to run and it seems the speculation is not going to end anytime soon.
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