How Liverpool’s clash with Manchester City casts awkward new light on Premier League’s big-money model

Money has long been a theme in meetings of Liverpool against Manchester City . It promised to be once again when the transfer window concluded. This, it seemed, was set to be the first Premier League game to feature five £100m men and both of those who share the British record as the £125m buys. Then, after the independent commission’s verdict on City cast some of their past spending in a different light, came what might be deemed less dramatic news: Alexander Isak is injured. Not for the first time, either, but not seriously, Andoni Iraola believes. So instead there could be two players on each side who cost nine-figure sums: the Liverpool duo of Florian Wirtz , whose £100m fee could rise to £116m, and Bradley Barcola , who joined for £106m, which could go up to £123m, and the City midfield pair of the £116m Elliot Anderson and the £125m Enzo Fernandez . City were the biggest spenders in the Premier League in 2026. Liverpool had the summer’s biggest net spend. And yet a point at Anfield, despite expenditure that has amounted to more than £650m over the last three transfer windows, is that their model has always been self-sustaining, that they only pay what they can afford, whether from player sales or broadcast, commercial and matchday revenue. Liverpool took the decision to prioritise quality over quantity. They could have a bigger squad, but with fewer high-priced players. And so it is that, in the first game since the ruling City had benefited from more than £900m in disguised funding , the striker they face might be a rookie who cost nothing and who is yet to start a Premier League game, in Lewis Koumas. Or maybe not, with Iraola considering his options. Hugo Ekitike , the £69m alternative to Isak who flourished last season, is also out. Federico Chiesa , who may have been a failed attempt at Moneyball from former sporting director Richard Hughes, is on the comeback trail but has yet to play this season. Iraola is uncomplaining. “We also have other players who can cover the positions,” he said. “When you coach Liverpool is you still have very good players available. I trust the players we have ready to go.” Even the most logical makeshift choice is sidelined: Cody Gakpo , in form this season, with a past experience of leading the line, is also injured. That may mean the line is led by one of the £100m recruits, whether Wirtz as a false nine or Barcola, to use his blistering speed further forward. “I think he can cover the three positions up front,” said Iraola. “He’s a super-valuable player for us.” Liverpool will be without Alexander Isak and Cody Gakpo and could field the untested Lewis Koumas up front (Reuters) The counter-argument is that, quick as the France international is, his finishing can be erratic. He is yet to open his Liverpool account. “I said it [after his] first game, against Atletico Madrid, he missed two or three quite clear chances,” said Iraola. “I don’t care. Honestly. I care but I want him to see [him] there.” Whether it is the profligate Barcola or the homegrown Koumas operating as the furthest man forward, there is an obvious contrast with their City counterpart, in Erling Haaland . That the Norwegian is the only specialist striker in Enzo Maresca’s squad means it is not a department where City possess more depth though Iraola may note that their Plan B in the middle of the attack is Antoine Semenyo , a player who progressed dramatically under his management at Bournemouth. Liverpool liked Semenyo when he became available in January; City had the financial muscle to sign him, even if Barcola ended up costing far more seven months later. Another link between the clubs is found in the centre of the City defence. Marc Guehi almost joined Liverpool last summer and instead moved to City in January; a bigger salary made the Etihad Stadium an attractive destination for the centre-back. Remarkably, Guehi’s time at Crystal Palace and City meant he played in five victories over Liverpool last season, spread across four different competitions; Arne Slot thought his former transfer target should have been sent off when Pep Guardiola ’s City won at Anfield. Marc Guehi opted for City over Liverpool (Reuters) Liverpool were defending champions when they pursued Guehi; when he joined City, he may have felt himself likelier to win silverware there. Such assumptions could now be destroyed. City top the league but the immediate threat to their prospects does not come on the pitch, but in the footballing courts , their fortunes resting more with lawyers than defenders. It is different for Liverpool. Iraola has noted their next four league games are against the current top four. They will be a barometer of their chances, and the nature of the opposition makes a striking shortage ill-timed. And yet in the build-up, Isak’s thigh problem has become a subplot. There have been bigger issues.