Revenue Soars but Caution Remains: What Liverpool’s Numbers Reveal | OneFootball

Liverpool’s Numbers Game: How Financial Discipline Keeps the Reds Competitive

Commercial Rise with Cautious Risk

Liverpool’s journey under Fenway Sports Group (FSG) has long walked the line between pragmatism and progress. That delicate balance is once again laid bare in Chris Weatherspoon’s forensic dive for The Athletic. While recent heartbreaks in the Carabao Cup and Champions League bruised morale, the club’s financial trajectory remains pointed skyward.

“Liverpool’s £613.8m revenue last season was a new club record,” writes Weatherspoon, highlighting the real star performer: commercial income. At £308.4m, it’s now the second-highest in England, with the club’s growth outpacing even Manchester United — an unthinkable notion just a few years ago. The Adidas deal coming in August 2025 will likely push that figure higher still.

This isn’t just surface shine. It’s a club that has monetised its global appeal smartly, with partners like Expedia, Peloton and Google contributing to more than £45m per season in additional sponsorship deals. That growth reflects a longer-term upward curve, where revenue generation no longer depends solely on silverware.

PSR Wiggle Room and Savvy Transfer Management

In the age of Profit and Sustainability Rules (PSR), Liverpool’s discipline gives them room others envy. As The Athletic notes: “Our PSR calculation is necessarily heavy on estimates but, after the allowed deductions, The Athletic projects Liverpool had around £73m of PSR headroom in 2023-24.”

That’s no accident. Liverpool’s amortisation — the spread of transfer costs over contract years — was £114.5m last season. A club record, yes, but still far behind Chelsea and Manchester City. This fiscal restraint, coupled with smart squad retention, has allowed Liverpool to compete without stretching the elastic.

“Liverpool’s transfer spending in recent years has been lower than their main domestic rivals,” Weatherspoon reports. A £562m gross and £376.3m net spend across five seasons ranks only seventh in England. Yet, they’ve stayed in the title race, even assembling what may be the least expensive title-winning squad since 2020.

FSG’s Strategic Conservatism

Weatherspoon outlines a nuanced picture of FSG’s ownership. Their £263.6m direct cash injection since 2010 is dwarfed by the £800m+ sunk into Manchester City and Chelsea. Yet FSG’s methodical approach has steered Liverpool from the brink of financial ruin to England’s most profitable club over the past decade.

Yes, 2023-24 ended with a £57.1m pre-tax loss — the worst in club history — but context matters. “We estimate the club could lose £75m this season and still comply with Premier League PSR — and it is far more likely they’ll book a decent-sized profit in 2024-25.”

Wages have surged — only Manchester City pay more — but so have revenues. “That Nike deal… pushed their earnings… over the £60m mark,” The Athletic points out. With Adidas taking over, those numbers may climb again, albeit with performance-linked variables.

Reinvestment or Recalibration?

FSG’s next steps will define the Slot era. The infrastructure spend — including £56m on the Anfield Road End and the Melwood buyback — is largely complete. “They should top £700m in income in 2024-25,” Weatherspoon estimates. With the revenue base solid and amortisation steady, the real question is: will FSG back Slot in the market?

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On paper, yes. “Liverpool use instalment payments in their transfer dealings far less frequently than their peers,” notes The Athletic. That should mean more available cash. Yet a move for someone like Alexander Isak would almost certainly require selling Darwin Núñez first. Liverpool’s net transfer debt of just £69.9m is minimal compared to Manchester United’s £300.1m, giving them some flexibility.

Whether they exercise it depends on how seriously they want to arm Slot for sustained success.

Our View – Anfield Index Analysis

There’s a strong case to be made that this is Liverpool’s most sustainable period in modern history. But sustainability alone doesn’t hang silverware. Fans will rightly ask why — if the club is England’s most profitable over a decade — why we seemed to lack one or two signings to make the difference in title races & Champions League runs.

Yes, FSG saved us from Hicks and Gillett. Yes, the club is better run than almost any in Europe. But modern football isn’t a museum for financial best practices. It’s about trophies. The idea that we’ve spent the least among our direct rivals and might still win the league is admirable — but it also raises the stakes. If we had invested just a bit more over Klopp’s tenure, would he have left with more than one league title?

The looming question is about trust. FSG have built a formidable machine — now fans want to see them put real fuel in it. Salah, Van Dijk, Alexander-Arnold, and Konaté all need contract renewals. If we have the PSR room, if we have the cash, now is the time.

Back Slot. Build on the foundation. Turn sustainability into supremacy.