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You suspect that Liverpool fans will have some fun in the stands next season. You can hear the song already: "The Reds have got no money, but we'll still win the league."
After a summer in which Federico Chiesa was the only arrival, it was a tune that had an element of truth to it last term. Liverpool did indeed become Premier League champions in 2024/25, though it was not that the Reds didn't have the cash to splash — it was simply a strategic decision not to blow it for the sake of it.
A year on, sporting director Richard Hughes has been considerably busier. Florian Wirtz has smashed Liverpool's transfer record, and new full-backs in Milos Kerkez and Jeremie Frimpong have arrived for a combined sum of around $100 million (£75 million).
Before any of that, Mohamed Salah and Virgil van Dijk — two of soccer's biggest earners — were tied down to contract extensions, and a deal for second-choice goalkeeper Giorgi Mamardashvili had been agreed.
Liverpool has caused a stir with its spending so far this summer. If Newcastle United offers encouragement regarding wantaway striker Alexander Isak, more records could be broken, and that is before a replacement for Jarell Quansah is found.
Clearly, fresh from blowing the likes of Bayern Munich and Newcastle out of the water — partly financially, but mainly in terms of their sporting pitch — Liverpool has made quite the statement.
To many, it will look like a change in strategy or approach. In reality, though, there is plenty of continuity. Liverpool has always been prepared to spend big on the right players — and its sustainable model has not been broken.
Fenway Sports Group has always maintained that the money the club generates will be reinvested. And with the Reds having only failed to make the Champions League once since 2017, their revenues are substantial.
In addition to sporting success — not just qualifying for the Champions League, but going far in it regularly — Liverpool has also expanded Anfield and its list of commercial partners. Its economic position, hence around $395 million (£293 million) being put down far in incomings, is healthy.
So too is its PSR status. Having not spent much for the last couple of transfer windows, while selling very astutely, Liverpool has wriggle room. It sold Fabio Carvalho to Brentford for a fee that could reach $36 million (£27 million) last year, for instance, and collected around $13 million (£10 million) from Red Bull Salzburg for Bobby Clark.
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Before the September 1 deadline in this transfer window, the Reds could recoup tens of millions of dollars more with interest in the likes of Darwin Nunez and Harvey Elliott.
So no, Liverpool has not suddenly changed tack. Jurgen Klopp — no longer at the club anyway — is not suddenly now a hypocrite having once suggested that spending nine figures on one player would not be for him.
Nor has Liverpool needed to sell its women's team to activate a loophole on spending restrictions, or engineer any other crafty mechanisms to open up accounting headroom.
A well-run, careful club has simply positioned itself so that when major deals become attainable, it is in a good place to strike. And you shouldn't bet against one or two more signings being added to the incomings list yet.
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