Rating every FSG transfer signing after $2 billion spent by Liverpool owner

For 15 years, Liverpool's owner, Fenway Sports Group, has been consistently evaluated on its performance in the transfer market.

There have been a few missteps, some brilliant deals, some bargains, and some costly failures. In total, there have been 30 transfer windows with 82 first-team signings and over £1.5 billion ($2 billion) spent. Here, we assess (out of 10) each of Liverpool's acquisitions under the guidance of its American owner, considering their cost, their impact, and, in some instances, the funds generated by their departure.

However, signings made specifically for the Academy are not considered, even if they did eventually make it into the first team, such as Stefan Bajcetic - who is close to returning to first-team action - Kaide Gordon, Ben Doak, Bobby Clark, and Armin Pesci.

January 2011

• Luis Suarez (Ajax) 9
• Andy Carroll (Newcastle) 4

Suarez may have caused a few issues during his tenure at Anfield, but his talent, especially during the 2013-14 season, was undeniable. Carroll, purchased after Fernando Torres' sale to Chelsea, will always hold a special place in the hearts of Reds fans for his FA Cup semifinal winner against Everton, but injuries and form made him an expensive failure.

Summer 2011

• Jordan Henderson (Sunderland) 10
• Charlie Adam (Blackpool) 4
• Alexander Doni (free agent) 5
• Stewart Downing (Aston Villa) 6
• Jose Enrique (Newcastle) 6
• Sebastian Coates (Nacional) 5
• Craig Bellamy (free agent) 7

This was the summer of Damien Comolli. Ultimately, only Henderson proved to be a real bargain, even though Downing was named man of the match in the League Cup final in 2012 before being converted into a left-back under Brendan Rodgers. Enrique was decent enough, but Adam, Coates, and the unfortunate Doni – remember Blackburn Rovers away? – rarely shone. Bellamy, in his second spell at the club, did a solid job.

January 2012

• Jordon Ibe (Wycombe) 8
• Joao Carlos Teixeira (Sporting Lisbon) 5

Ibe was touted as the new Raheem Sterling when he broke into the first team, but failed to live up to the hype. Nevertheless, the £15 million ($20 million) Liverpool pocketed for him makes his signing remarkably foresighted. Teixeira scored once in eight appearances and was on the bench for Jurgen Klopp's first game, but was never going to make the cut.

Summer 2012

• Fabio Borini (Roma) 4
• Joe Allen (Swansea) 7
• Oussama Assaidi (Heerenveen) 2
• Nuri Sahin (Real Madrid) 3
• Samed Yesil (Bayer Leverkusen) 3

Borini was Brendan Rodgers' first signing, and despite the manager's high praise, the Italian striker fell short of expectations. Allen performed adequately under both Rodgers and Klopp, but the rest were largely forgettable. Yesil, who only made two appearances for Liverpool, is currently playing in Germany's fifth tier.

January 2013

• Daniel Sturridge (Chelsea) 8
• Philippe Coutinho (Inter Milan) 10

Could this have been Liverpool's most successful January transfer window ever? Sturridge arrived at Anfield knowing it was his last shot at a big club, and despite injuries hampering his progress, he still managed to secure a Champions League winners' medal. Coutinho, on the other hand, may have caused some annoyance by pushing for a move to Barcelona, but Liverpool witnessed the Brazilian develop into a truly world-class talent – and £142 million ($189.6 million) is a hefty sum.

Summer 2013

• Luis Alberto (Sevilla) 3
• Iago Aspas (Celta Vigo) 3
• Simon Mignolet (Sunderland) 7
• Kolo Toure (free agent) 8
• Aly Cissokho (Valencia, loan) 5
• Mamadou Sakho (Paris Saint-Germain) 6
• Tiago Ilori (Sporting Lisbon) 3
• Victor Moses (Chelsea, loan) 5

Alberto and Aspas both went on to perform at the highest level elsewhere, proving themselves as talented players but unfortunate purchases at the time, and not just due to Aspas's infamous corner-taking. Mignolet was a reliable asset, while Toure became a beloved professional during his two-year stint at Anfield. Cissokho and Moses were unremarkable loan signings, Sakho eventually became too problematic, and there remains a question mark over why Ilori was signed in the first place.

Summer 2014

• Rickie Lambert (Southampton) 4
• Adam Lallana (Southampton) 8
• Emre Can (Bayer Leverkusen) 7
• Kevin Stewart (free agent) 6
• Lazar Markovic (Benfica) 2
• Dejan Lovren (Southampton) 8
• Divock Origi (Lille) 7
• Javier Manquillo (Atletico Madrid, loan) 5
• Alberto Moreno (Sevilla) 6
• Mario Balotelli (AC Milan) 1

This was the summer that ultimately led to the end of Rodgers' tenure. Lallana, Lovren, and Origi all went on to win Premier League winners' medals, adding to their Champions League victory in 2019. Can flourished under Klopp and may have regretted not staying for another season. Moreno will always be a divisive figure, but there's no debate about Markovic and Balotelli, who are considered among the worst buys in Liverpool's history, albeit for different reasons.

Summer 2015

• Joe Gomez (Charlton) 9
• Adam Bogdan (free agent) 3
• Danny Ings (Burnley) 8
• James Milner (free) 10
• Nathaniel Clyne (Southampton) 7
• Roberto Firmino (Hoffenheim) 10
• Christian Benteke (Aston Villa) 4
• Allan (Internacional) 4

Benteke was a misfit at the wrong time, despite his best efforts, while Bogdan simply didn't make the cut. As for Allan? It's anyone's guess. The rest, however, played a key role in Klopp's transformation of the team, although Ings and Clyne were both plagued by serious injuries. Ings' talent was underscored by the £18 million ($24 million) Southampton shelled out to bring him from Liverpool, with similar fees later paid by Aston Villa and West Ham. Milner and Firmino became Anfield legends before leaving after eight years, while the versatile Gomez continues to be a valuable player.

January 2016

• Marko Grujic (Red Star Belgrade) 6
• Steven Caulker (QPR, loan) 5
• Kamil Grabara (Ruch Chorzow) 5

Caulker was always a short-term solution – he'll forever be remembered for that Norwich away game – while Liverpool advanced faster than Grujic could keep up with on his numerous loan deals before finally leaving. Grabara faded into obscurity, but after a stint in Denmark, he moved to Wolfsburg in 2024.

Summer 2016

• Sadio Mane (Southampton) 10
• Loris Karius (Mainz) 5
• Joel Matip (free agent) 9
• Ragnar Klavan (Augsburg) 7
• Alex Manninger (free agent) N/A
• Gini Wijnaldum (Newcastle) 9

Mane has established himself as one of the world's top players and was sold six years later for a profit, while Wijnaldum's consistency and versatility highlighted the wisdom of his acquisition - if not the decision to let him depart for free. Klavan proved to be a shrewd purchase, Matip was immensely popular and highly effective when fit, and despite Karius' career still being haunted by his Champions League nightmare in Kiev in 2018, he is now a regular in the German second tier with Schalke. Manninger, who was 39 at the time, was only for emergencies and was never required.

Summer 2017

• Mohamed Salah (Roma) 10
• Dominic Solanke (Chelsea) 7
• Andy Robertson (Hull City) 10
• Alex Oxlade-Chamberlain (Arsenal) 7

This was the window that propelled the Reds from Premier League contenders to Champions League finalists. Salah, part of the most feared strike force in global soccer, may be one of the best signings in Anfield history, while Robertson is proving to be as much of a defensive bargain as Sami Hyypia. Oxlade-Chamberlain was unfortunate with injuries but played a significant role in the 2019/20 title-winning campaign, while the Reds brought in £19 million ($25.4 million) for Solanke when he left, around three times the fee they paid.

January 2018

• Virgil van Dijk (Southampton) 10

That's a hefty sum, £75 million ($100 million), but FSG were willing to spend it on Klopp's recommendation following the sale of Coutinho. And such has been the impact of the Dutchman, it now seems like a bargain.

Summer 2018

• Naby Keita (RB Leipzig) 6
• Fabinho (Monaco) 10
• Xherdan Shaqiri (Stoke) 7
• Alisson Becker (Roma) 10

Like Van Dijk, both Alisson and Fabinho played pivotal roles in the Reds' journey to becoming Premier League, European, and world champions. Fabinho gave his all until he moved on to Saudi Arabia for roughly the same price he was bought for. Shaqiri's potential was hampered by injuries before he left last summer, while Keita's fitness problems have made him a perpetual disappointment.

Summer 2019

• Harvey Elliott (Fulham) 8
• Sepp van den Berg (PEC Zwolle) 7
• Adrian (free agent) 6

Elliott's tribunal-set fee was a bargain considering his significant contributions over several seasons prior to his loan move to Aston Villa this summer, which could lead to a £35 million ($46.7 million) transfer. Adrian, despite a few hiccups, proved to be a reliable acquisition, while Van den Berg turned out to be a profitable investment for Liverpool when he joined Brentford, having barely featured for the Reds.

January 2020

• Takumi Minamino (Red Bull Salzburg) 7

Minamino had a slow start at Anfield but seemed to find his footing after scoring his first goal for the Reds in the Community Shield against Arsenal in 2020. Despite contributing to the quadruple-chasing campaign in 2021/22, he was far from being a regular. However, Liverpool managed to get a good return on its investment.

Summer 2020

• Kostas Tsmikas (Olympiakos) 7
• Thiago Alcantara (Bayern Munich) 7
• Diogo Jota (Wolves) 8

Tsimikas had a quiet debut season but has since shown himself to be a reliable backup for Robertson. Thiago's undeniable world-class ability was unfortunately often hindered by injuries. Diogo Jota made a strong impression in his first two seasons, but fitness issues plagued much of his time at Anfield. His untimely passing this summer ensures he will always be remembered.

January 2021

• Ben Davies (Preston) 4
• Ozan Kabak (Schalke, loan) 6

In response to the crisis of having three center-backs injured, Klopp secured both players on deadline day. Neither proved successful. Davies never got a game, while Kabak managed to overcome a shaky start to perform decently before injury cut short his stint.

Summer 2021

• Ibrahima Konate (RB Leipzig) 8

The Frenchman quickly became Van Dijk's preferred partner towards the end of his debut season, but has since been frequently sidelined with various injuries, both minor and long-term. This led to him temporarily losing his starting spot to Jarell Quansah, only to reclaim it almost immediately under Slot and become a Premier League champion.

January 2022

• Luis Diaz (Porto) 9

Liverpool's acquisition of the Colombian winger ahead of Tottenham was a surprise, but his impact in the latter half of the 2021-22 season was significant. Despite an injury setback, he eventually found his form and contributed significantly in terms of goals and assists before being sold to Bayern Munich at a substantial profit this summer.

Summer 2022

• Darwin Nunez (Benfica) 6
• Calvin Ramsay (Aberdeen) 4
• Fabio Carvalho (Fulham) 6
• Arthur Melo (Juventus) N/A

Nunez's debut season wasn't as disappointing as some suggested, and despite a better second term, he ended it on the bench, which is where he spent much of last season under Slot before moving to Saudi Arabia. Ramsay has been mostly injured, and loan spells have not been successful so far, while Carvalho had a brief shining moment before a poor loan at RB Leipzig was followed by a better one at Hull, leading to a profitable move to Brentford for Liverpool. The less said about the unfortunate Arthur, the better.

January 2023

• Cody Gakpo (PSV) 8

Gakpo, another unexpected mid-season signing, took a few weeks to settle but soon emerged as Firmino's natural successor in the number nine role. He was then moved around the team in various positions before settling as a left winger under Slot and providing many key moments in the 2025 title triumph.

Summer 2023

• Alexis Mac Allister (Brighton) 9
• Dominik Szoboszlai (RB Leipzig) 9
• Wataru Endo (Stuttgart) 7
• Ryan Gravenberch (Bayern Munich) 9

The Liverpool midfield underwent a massive transformation in the summer of 2023, with over $200 million spent on new recruits - an unprecedented amount for one transfer window. Mac Allister has since established himself as one of the Premier League's top midfielders, while Szoboszlai, despite a rocky start, has excelled in various positions. Endo quickly became a fan favourite under Klopp, although his appearances have been limited under Slot. Gravenberch's first season was largely about acclimatising to a new league and country, but he proved to be a revelation in the deeper midfield role during the title-winning season.

Summer 2024

• Federico Chiesa (Juventus) 6

Chiesa is yet to fully win over Slot and saw limited game time last season. However, he did score in the League Cup final defeat to Newcastle and has had some key moments early this campaign.

Summer 2025

• Jeremie Frimpong (Bayer Leverkusen)
• Florian Wirtz (Bayer Leverkusen)
• Milos Kerkez (Bournemouth)
• Freddie Woodman (free agent)
• Giorgi Mamardashvili (Valencia)
• Hugo Ekitike (Eintracht Frankfurt)
• Giovanni Leoni (Parma)
• Alexander Isak (Newcastle)

It's far too soon to start critiquing Liverpool's summer overhaul. However, with the club breaking its transfer record twice in the window and as the reigning Premier League champion, the scrutiny on its dealings will be more intense than ever before.