Exclusive: Liverpool tipped to file official £300m transfer paperwork as debt issue explained

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Liverpool are expected to post a sizable transfer debt figure when their 2025/26 accounts are eventually released, but the wider financial picture suggests there is little for supporters to panic about.That is according to finance expert Adam Williams, who has explained why the Reds’ summer spending is likely to leave a sizeable mark on the next set of official paperwork, even if FSG remain in a healthier position than many of their Premier League rivals.Williams believes Liverpool could be set to file transfer debt of around £300m when the next accounts drop, with the club having likely leaned more heavily on instalment structures after going so big in the market last summer. Just how bad do you want Arne Slot gone? 😬 Photo by Carl Recine/Getty Images Liverpool’s expected transfer debt could increase closer to £300mThis comes after Kieran Maguire shared on X that after the 2024/25 accounts, the club owed around £120m in transfer fees.Historically, the Merseyside outfit have preferred to front-load transfer payments rather than spread deals over a longer period, a strategy which Williams says has been very much in keeping with FSG’s cautious approach.That risk-averse model has often left Liverpool with greater flexibility than other top clubs, though, and Williams believes it is exactly why they were able to attack the market so aggressively.Speaking to Rousing The Kop, Williams explained: “Historically, Liverpool have front-loaded their transfer business, i.e., they have opted to pay more initially rather than structuring the deals via instalments.“There’s nothing wrong with structure deals through instalments – it can smooth the impact of cash outflows and allow clubs to invest in future success.

However, it is that same risk aversion that allowed them to go in so heavy last summer.“They had the flexibility to spend £450m because A) they aren’t significantly burdened by future transfer instalments and B) because they have sold well too.”That context is key when assessing the £300m figure, because while it is eye-catching on the surface, it does not automatically mean Liverpool are in trouble.Williams pointed to the club’s latest accounts, covering the 2024/25 season, and suggested there was still plenty of room for manoeuvre behind the scenes.“If you look at the most recent accounts, which encompass the 2024-25 season, we see that FSG had nearly £280m of capacity on their revolving credit facility, which basically functions as an overdraft,” he said.“I think that they will have drawn down more of that to account for the summer’s business – but I also anticipate that they will have used instalment plans more significantly than they have in the past. That will be how the deals were funded.”In other words, Liverpool may well show a significant transfer debt total, but that appears to be more a reflection of how the deals were structured than any sign of financial stress.Just as importantly, Williams expects the Reds to be owed a substantial amount by other clubs too, which changes the picture considerably when looking at the true position.“If I had to make an educated guess, my bet is that the transfer debt when the next set of accounts are released will stand at about £300m,” he said.“However, what you really have to do is look at their net transfer debt.

I’d expect that figure to be closer to, say, £150m when the next accounts are released.”That would leave Liverpool with a net transfer debt of roughly £150m, which Williams says would still compare favourably with a number of top-flight rivals.“So in terms of net transfer debt, they will still be in a better position than seven or eight other Premier League clubs with a net figure of about £150m,” he explained.For Liverpool supporters, that is likely to be the most important takeaway.A £300m debt number in the accounts would inevitably grab attention, but the reality is that their team’s model remains tightly controlled, with FSG continuing to back the club only within limits they believe are sustainable.Williams said: “They have got a very high wage bill and huge operating costs, yes, but FSG never overextend themselves. Everything that they have spent, they can afford without further cash injections from the owners.”So while the English powerhouse may be tipped to submit official paperwork showing a hefty transfer debt figure, the underlying message is a much calmer one: the Reds have spent big, but they have done so from a position of strength rather than recklessness.Join Our NewsletterReceive a digest of our best Liverpool content each week direct to your mailbox