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Now onto the trickier net spend.
The tricky part comes not from knowing how much each player is sold or signed for, but in knowing and understanding which parts of a transfer deal the club takes into account when deciding how much they can spend.
Let's look at it one way: Dirk Kuyt left Liverpool for an estimated £800,000 this summer (€1 million). Does that £800,000 go into Liverpool's transfer kitty? Or does it mean that, with a yearly salary of around £4 million saved from the Dutchman's exit, Brendan Rodgers had £4.8 million made available to him to spend?
And with Borini costing £11 million, do his estimated £30,000 a week wages (£1.5 million per year) get taken into account and subtracted from the overall figure? What about estimated bonuses? Signing on fees? Agent payments?
In the end, looking in from the outside you can effectively do no more than intelligently estimate. Taking reported wages into account is fine, but it's still not necessarily an accurate assessment.
Liverpool this summer (first team only) released Fabio Aurelio (£20,000/wk), Maxi Rodriguez (£80k/wk), Craig Bellamy; (£40k/wk) sold Kuyt (£0.8m, £80k/wk), Charlie Adam (£4m, £40k/wk); and loaned out Jay Spearing (£20k/wk) and Andy Carroll (£1m fee, £70k/wk).
That amounts to an income of around £6 million and a wage spend saving of around £18 million—a total of £24 million effectively available for the transfer market.
Alberto Aquilani was also sold, though it is thought that the fee Fiorentina paid Liverpool was merely to accommodate what the Reds will have to continue paying the Italian for what would have been the remainder of his contract; so his values can be dismissed here.
Coming into the club was Allen (£15 million, £50k/wk), Borini (£11m, £30k/wk), Nuri Sahin on loan (£5m fee, £80k/wk), Oussama Assaidi (£3m, £20k/wk) and Samed Yesil (£1m, unknown wage structure).
That amounts to an expenditure in excess of £34 million even without taking suspected wages into account from the incoming players.
Verdict: It certainly isn't anything approaching the £25 million net transfer kitty which was being speculated about, but Liverpool have certainly spent more than they brought in this summer. The verdict here, then, must be good.