Liverpool's net spend has been a hot button topic among supporters over the years.
Some will say the club need to be spending more in order to compete (who cares about of the realities of sustainability and FFP anyway?), while others take pride in finely balanced accounts (nerds).
This summer saw the Reds' owners FSG dip into their metaphorical pockets for the biggest outlay on transfers since the transformative 2018/19 window, when the arrivals of Alisson and Fabinho among others helped turned Liverpool into an all-conquering machine.
Spend doesn't always equal success, however, and only time will tell whether this batch of signings will be quite so influential as those from the summer of '18.
What we do know, though, is how Liverpool's financial outlay on transfers compares to the rest of their Premier League and European rivals.
Liverpool's net spend on transfers vs rivals
A report from CIES Football Observatory has mapped out the 100 biggest net spenders of the last decade (2014-2023), with Liverpool ranking 12th overall.
Interestingly, the Reds (€462m) rank below the likes of newly monied Newcastle (€671m), as well as West Ham (€526m) and Aston Villa (€483m).
Liverpool are also only €5m ahead of the biggest non-European spender, Al Hilal – and that could soon change given the recent acceleration of Saudi spending backed by the government funded PIF.
The Reds rank eighth for spend in 2023 (€171m)– actually ahead of United (€151m) – with Chelsea (€558m)) top of the pile, ahead of Al Hilal (€362m).
Regarding how calculations were made, CIES' report notes that: "The figures published include fixed transfer fees, any add-ons regardless of whether they have actually been paid, as well as sums invested in the context of paying loans. Amounts negotiated for loans with an obligation to buy are included in the breakdown for the year of the transfer. Within the limits of available information, the data on beneficiaries considers sell-on fees negotiated by previous clubs."