The truth about Liverpool’s wage bill proves you’re probably wrong about FSG

Liverpool’s owners, FSG, are about as divisive. While some would say the Americans are responsible for the Reds being champions of all under Jurgen Klopp, others claim the Boston group is the main reason the German hasn’t won more.

Klopp himself rejected the latter claims. But debate remains as to whether FSG are really spending enough given Liverpool Football Club’s stature and lofty ambitions, with a particular focus on the wage bill.

Of course, there is talk of transfer fees too, with net spend always being a hot topic. But in an era where the Reds have had to compete with Manchester City, not to mention traditional superpowers like Real Madrid, the debate over whether to raise competitive wages in the much-discussed ‘wage structure’ is a pressing one.

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There are reasons to question the FSG. In the last two summers alone, Liverpool have had to part ways with Jude Bellingham and Aurelien Tchouameni, both of whom were snapped up by Real Madrid. Even having a serious connection with Bellingham was a novelty, with such ready-made superstars rarely arriving at Anfield during the Americans’ tenure.

But it’s not that Liverpool don’t have money. The club made Mohamed Salah the biggest earner by far when he renewed his contract in 2022, putting him in a position with some of the Premier League’s highest-paid stars.

Meanwhile, while FSG typically shy away from extravagant individual deals like this, its total wage bill is well suited to a team looking to compete at the highest levels of the game. On Reddit, the discussion was sparked by a chart showing Liverpool have the fifth-highest wage bill in the world at $462m (£362m/€429m) a year.

Only Barcelona, ​​PSG, Manchester City and Real Madrid spend more per year on wages, according to the data. This will immediately surprise a significant portion of the FSG’s more outspoken critics.

But at the same time, those who support FSG to the hilt won’t love the data either. The owners might spend, but with such a large wage bill, have they really seen enough of a return on their investment? In other words, am I spending wisely?

As is often the case, the truth probably lies somewhere in between the two camps. Liverpool’s wages have grown so high in part because they have produced a host of superstars; Salah is the most prominent example and the only instance where FSG have ‘loaded’ their wage structure, but the likes of Trent Alexander-Arnold, Virgil van Dijk and Alisson have all developed into players who also command significant wages.

That they all turned into such world beaters is a strong endorsement of the FSG’s youth and recruitment policies. And keeping this top talent should not be taken for granted.

But at the same time, there is evidence that Liverpool have been allowed to fall too far into a cyclical, booming pattern. Klopp’s personal qualities have helped avoid the worst of the ‘bust’, but there has been evidence in recent seasons that FSG have failed to fully recover from a position of strength, instead leaving a collection of stars well paid to move. gradually beyond their peak together.

In that regard, the return and greater empowerment of Michael Edwards should be a major positive. A shrewd operator with a ruthless streak, he’s entrusted with, to some degree, the fifth largest payroll in the world, tasked with making that money go as far as possible.

Edwards helped do that during his initial spell at Liverpool as sporting director, but while FSG have continued to provide financial support, there is a sense that some of the ideals that made the model work have begun to drift. So whether you’re strongly for or strongly against, there’s a good chance you’d be wrong about the owners – but hopefully everything is in place to make even the harshest critics think twice.