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LIVERPOOL -- When Liverpool head coach Arne Slot addressed the media ahead of the Premier League clash with Southampton last weekend, he described the fixture as "the first of three finals."

It was a rallying cry to both players and fans, setting the stage for a week that looked destined to define Liverpool's season.

Liverpool have won the League Cup a record 10 times across the competition's 64-year history and continuing that love affair this weekend would set the tone for what looks to be a memorable end to the campaign.

However, standing in their way are a Newcastle team who, with the financial backing from a consortium of the Saudi Public Investment Fund (PIF) since 2021, have transformed from Premier League also-rans into genuine European challengers.

Having lost out to Manchester United in the 2023 Carabao Cup final, Eddie Howe's side are aiming to end the club's 70-year trophy drought against Liverpool on Sunday.

So there is plenty at stake for both team, with the game likely to shape the course of their seasons.

"That's what you play football for; to play in finals"Mo Salah (right) celebrates with the Carabao Cup trophy in February 2024. James Gill - Danehouse/Getty Images

As the Liverpool players trudged down the tunnel after defeat to PSG on Tuesday night, the disappointment inside Anfield was palpable.

It was a European journey that had promised so much, with Slot's side excelling in the revamped Champions League, winning seven straight games in the league phase to finish top of the 36-team table.

Their reward for such formidable form was a round-of-16 tie against a PSG team who are flying under the stewardship of Luis Enrique and, after snatching a fortuitous 1-0 victory at the Parc des Princes in the first leg, Liverpool were beaten by the same scoreline in the reverse fixture, ultimately exiting the competition on penalties.

The Premier League leaders were ousted by the finest of margins and, while that may offer some comfort to Slot and his players in time, it was clear the immediate effects of the defeat were painful and profound.

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Klopp was forced to turn to youth to plug the gaps, with five of the players who finished the game having progressed through the club's academy ranks.

Slot is likely to field a much stronger and more-experienced side, though he will be without the services of right-back Trent Alexander-Arnold, who limped off against PSG, while the fitness levels of several other players will need to be considered after a gruelling 120 minutes against the French champions.

Newcastle on the cusp of historyNewcastle striker Alexander Isak will be key if the club are to break their trophy drought of 70 years. Peter Byrne/PA Images via Getty Images

Like Liverpool, Newcastle go into this weekend's clash without a full complement of players to choose from.

Winger Anthony Gordon is suspended, following his red card against Brighton & Hove Albion earlier this month, while defensive trio Lewis Hall, Sven Botman and Jamaal Lascelles remain sidelined with injury.

He caused plenty of problems for the Liverpool defence in the pulsating 3-3 draw between the sides back in December and will be determined to show why many of Europe's top clubs have him on their radar ahead of the summer transfer window despite a valuation of around £150 million.

For Newcastle, beating the league leaders to the trophy this weekend is one way to convince Isak that he can fulfil his personal ambitions of silverware at St James' Park, and Howe is confident his players have learned valuable lessons from their last trip to Wembley.

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