Liverpool get one over Man City and Arsenal behind the scenes, it explains FSG’s £450m transfer spend

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Liverpool have won an award which showcases the extraordinary commercial work done by FSG, which in turn inflates the Merseysiders’ transfer and wage budgets.

Liverpool spent close to £450m in a historic transfer window this summer, twice breaking the British transfer record to sign Florian Wirtz and Alexander Isak alongside six other new recruits.

The Wirtz signing, clocking in at up to £116m with add-ons, was so lucrative that it even got a mention in the annual financial statements of Bayer, the pharmaceuticals titan that owns Bayer Leverkusen.

True, FSG also oversaw sales worth almost £200m, but it was still a seismic window and one that has helped Liverpool win all six of their opening fixtures, across the Premier League and Champions League.

However, the genius of Fenway Sports Group is that Liverpool’s spending is entirely within their means.

While rival fans were shrieking about Profit and Sustainability Rules (PSR), Liverpool weren’t actually anywhere near the £105m of losses allowed over three seasons.

Even under UEFA’s slightly more stringent Football Earnings test and Squad Cost Ratio rule, the Reds were comfortably able to assemble a Galactico team for Arne Slot with anxieties around costs.

In fact, besides investing in the stadium and other infrastructure, John Henry and his colleagues in Boston haven’t spent a penny on Liverpool since their £300m takeover in 2010.

So how do they do it? The latest news direct from Liverpool provides some insight.

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Liverpool scoop award for commercial performance after £308m boon

We don’t yet have access to Liverpool’s financial figures for 2024-25. Those will be released in the spring next year. However, we do know that it was a monumentally successful year for the club, financially.

In line with many football finance experts, TBR Football projects that Liverpool’s revenue will surpass £700m for the season, potentially as high as £750m depending on commercial performance.

A first full season at an expanded Anfield, the feel-good atmosphere in L4, new sponsorship income and titanic prize money both domestically in Europe have all contributed.

And in the last few days, Liverpool have described their achievements in 2024-25 as “record-breaking” in a statement greeting their victory at the 2025 Licensing Awards.

They beat behemoths of the commercial world to the accolade, including Premier League title rivals Arsenal and Manchester City, as well as Formula One and the NFL.

The award essentially recognises the institution that has best licensed its brand – i.e., on merchandise, with sponsors, and in media and entertainment.

Liverpool’s annual commercial revenue – that’s income from sponsorship, merchandise, events and other strands – was £308m at the last count but will have greatly exceeded that pro-rata over the last 18 months.

In 2025-26, their new kit deal with Adidas has already broken several sales records.

Lee Dwerryhouse, who has steered Liverpool’s merchandise operation since December last year but has 20 years of service for the club in total, said: “Following an outstanding season for the club, we are thrilled to receive the Best Sports Licensed Property Award at the Licensing Awards 2025.

“This honour reflects the strength of collaboration between our licensees, retailers and internal teams, as well as the exceptional influence of the Liverpool FC brand globally.

“We remain fully committed to delivering products of the highest quality, to bring our fans closer than ever to the club they love.”

Exclusive: Football finance expert’s view on FSG’s commercial genius

Speaking exclusively to TBR Football, Liverpool University football finance lecturer Kieran Maguire has given his view on FSG’s commercial achievements across 15 years at Anfield.

“Liverpool do their homework and are quite conservative as an organisation,” said the Price of Football podcast host.

“In my view, they are the beneficiaries of some excellent long-term relationships…

“The Standard Chartered deal has been extremely successful and is strongly linked to some of the Asian markets. That’s a symbiotic relationship. The deal with Adidas has proven to be very successful so far.

“The thing they need to concentrate on more than anything else, however, is winning the Champions League and getting into the Club World Cup. That will be extraordinarily lucrative.

“Commercial income will increase this season because of the Adidas deal. Plenty of companies desperately want to do business with Liverpool.”