Liverpool’s ambitious spending spree has come under intense scrutiny after a difficult season, with club legend Jamie Carragher warning that last summer’s transfer window could eventually be remembered as one of the worst in Premier League history.
The Reds invested around £450 million in gross transfer fees during the 2025 summer window as they attempted to build on their title success under Arne Slot.
Among the headline arrivals were Alexander Isak for £125m and Florian Wirtz, whose deal could eventually reach £116m.
However, expectations have not translated into performances.
With the exception of Hugo Ekitike, Liverpool’s major signings struggled to consistently make the desired impact as the club slipped to fifth place and Slot eventually lost his job.
The pressure has now intensified under new head coach Andoni Iraola.
Liverpool’s latest performance did little to silence the concerns.
The Reds were held to a 2-2 draw by Newcastle, with both Isak and Wirtz again struggling to dominate the game despite their enormous price tags.
Carragher believes Liverpool may have made a recruitment mistake that could take years to correct.
“It’s the first game of the season, but my fear is this window of 12 months ago could set Liverpool back a year or two, to fix it,” he said.
The former Liverpool defender believes the problem goes beyond one disappointing fixture.
“Yes, it’s one game under Iraola, but we’re talking 12 months of underperformance from all of these players except [Ekitike].
“If this doesn’t change in the next two or three months under Iraola, and these players improving, I think we’re going to be looking at that as arguably the worst transfer window we’ve probably seen in Premier League history, when you consider the fees for these players, and what it’s going to do for Liverpool.”
The scale of Liverpool’s spending was always about more than simply improving the squad.
The club had just won the Premier League and wanted to establish a new cycle of dominance.
That ambition makes the struggles of several new signings even more concerning.
Liverpool also lost several experienced first-team players this summer, including Mohamed Salah, Andy Robertson, Ibrahima Konate and Curtis Jones.
Against Newcastle, four players signed during the previous summer — Isak, Wirtz, Jeremie Frimpong and Milos Kerkez — featured in Iraola’s team.
Carragher believes those recruits were expected to become the foundation of Liverpool’s next successful era.
“The idea of these players wasn’t just coming in and being good players,” Carragher said. “It was to create almost a little dynasty for Liverpool.
“Let’s not forget, Liverpool won the league two years ago. These [players] were supposed to do what City have done over the last few years, or United in the past, where they go and win two or three leagues in five years.”
Wirtz has attracted particular attention following his expensive move to Anfield.
The Germany international arrived with a huge reputation, but Carragher believes the midfielder has yet to show enough to justify his valuation.
The former defender also rejected the idea that Premier League newcomers automatically need an entire season to adapt.
“This thing that it takes people a year to settle in the Premier League, I think is a bit of a myth. I don’t think there’s too many examples where it does.”
Carragher went further, questioning whether Wirtz has simply been judged against unrealistic expectations.
“I don’t think we’re seeing a massive underperformance. I think what we’ve seen for a year is probably what he is, which is a neat and tidy footballer.
“Not a player who should be worth £110m, someone who probably should be £50m-60m, something like that. Neat and tidy, lovely touch. I’m not sure what people are expecting.”
The Liverpool boss must not only improve results but also unlock a group of expensive signings whose performances have fallen short of expectations.
The club’s next opportunity comes against Nottingham Forest at Anfield on Saturday.
For Liverpool, it is more than another early-season fixture.
It is another chance for Isak, Wirtz and their fellow big-money arrivals to start answering the questions surrounding one of the most expensive transfer windows in Premier League history.
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