Liverpool wage bill truth proves you're probably wrong about FSG

Liverpool owners FSG are about as divisive as it comes. While some would say the Americans are responsible for making the Reds champions of everything under Jurgen Klopp, others argue the Boston-based group are the main reason the German did not win more.

Klopp himself has rejected those latter claims. But debate persists over whether FSG truly spend enough considering the status and lofty ambitions of Liverpool Football Club, with particular focus on the wage bill.

Naturally, there is discussion around transfer fees as well, with net spend always a hot topic. But in an era where the Reds have had to try and vie with Manchester City, not to mention traditional superpowers like Real Madrid, the debate over whether they can stump up competitive salaries within the much-discussed 'wage structure' is a pressing one.

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There are reasons to question FSG. In the last couple of summers alone, Liverpool essentially had to walk away from Jude Bellingham and Aurelien Tchouameni, both times outgunned by Real Madrid. Even being seriously linked with Bellingham was something of a novelty, with such ready-made superstars rarely arriving at Anfield during the Americans' tenure.

But it's not that Liverpool doesn't have the money. The club made Mohamed Salah the top earner by a distance when it renewed his contract in 2022, putting him into a bracket with some of the Premier League's most well-paid stars.

Meanwhile, though FSG typically shies away from bumper individual contracts of this ilk, its overall wage spending is very much befitting of a team that wants to compete at the highest levels of the game. On Reddit, discussion has been sparked by a graphic showing that Liverpool has the fifth-highest wage bill in the world, at $462m (£362m/€429m) per year.

Only Barcelona, PSG, Manchester City and Real Madrid spends more per year on salaries, according to the data. That will immediately surprise a significant portion of FSG's more outspoken critics.

But at the same time, those who back FSG to the hilt won't love the data either. The owners might be spending, but with such a sizeable wage bill, have they truly seen enough of a return on their investment? In other words, are they spending wisely?

As is often the case, the truth probably lies somewhere in the middle of the two camps. Liverpool's wage bill has got so high in part because it has created a lot of superstars; Salah is the most prominent example, and the one case of FSG truly 'breaking' its wage structure, but the likes of Trent Alexander-Arnold, Virgil van Dijk and Alisson have all developed into players who command significant salaries as well.

That they have all developed into such world-beaters is a ringing endorsement of the youth and recruitment policies under FSG. And retaining this top talent should not be taken for granted either.

But at the same time, there is evidence that Liverpool has been allowed to fall too much into a cyclical, boom-and-bust model. The personal qualities of Klopp helped stave off the worst of the 'bust', but there has been evidence over the last few seasons that FSG have failed to ever fully strengthen from a position of strength, instead letting a collection of highly-paid stars move gradually beyond their prime together.

In that respect, the return and greater empowerment of Michael Edwards should be a major positive. A shrewd operator with a ruthless streak, he is to a certain extent being entrusted with that fifth-highest-in-the-world wage bill, tasked with making that money go as far as possible.

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