At the end of last season the general consensus was that the Liverpool team which had gone so close to ending a title drought needed a few tweaks to not just remain competitive - as rivals with far more economic muscle seemed almost certain to strengthen - but reach that higher spot on the ladder.
The areas identified were defence - as a centre half would be needed along with additional options at full back. Wing backs had been signed the previous season in Philip Degen and Andrea Dossena but through either injury, a struggle to take to Premiership football or both neither had too much success. Alvaro Arbeloa though content with life on Merseyside was said to want a return to Spain sooner rather than later and with the 5+6 rule set to be introduced by UEFA there was a wish to recruit an English player.
Glen Johnson who fitted that criterion of birth and pushed himself heavily as one of the best attacking full backs in the top flight was a name touted heavily but courtesy of a contract extension from Portsmouth his price became somewhat steeper.
Another position was an attacking player - not necessarily an out an out forward in the mould of Fernando Torres - but someone who could share the goalscoring burden even deputise for Torres or Gerrard possibly allow another player to be pushed on from a deeper position.
Speculation was that Valencia’ David Silva was an option. He certainly peaked interest but the initial fee quoted was far too high to contemplate.
When Rafael Benitez signed his new contract in March amongst the many promises made was the provision of a £20 million war chest which could only be increased by any raised by sales during the coming summer.
Champions League and that for matter Premiership prize money along with the substantial sums from broadcast rights and other receipts would not be available.
Not long after Rafa became aware Xabi Alonso was likely to leave. Real Madrid were in essence the only bidder and a fee of €30 million (somewhere between £25 and £26 million depending on the exchange rate) was agreed as acceptable compensation by the owners and manager.
Every single penny based on the promise made back in the spring going into the kitty.
Finding a suitable replacement for Alonso as a metronomic influence in midfield would of course take a chunk of that sum but there would be a surplus along with additional funds.
Adding the other receipts in should see the fund standing at:
Xabi Alonso £25,500,000
Alvaro Arbeloa £ 3,500,000
Sebastian Leto £ 3,000.000
Jack Hobbs £ 800,000
Adam Hammill £ 500,000
Paul Anderson £ 250,000
Astrit Ajdarević free
Sami Hyypia free
Jermain Pennant free
Total £33,550,000
Added to the funds promised the total plus a surplus £10 million from Robbie Keane’s transfer back to Spurs the amount to hand should tip just over £63 million.
Notionally there is more as the balance of Peter Crouch's transfer to Portsmouth - somewhere in the region of £7 million - was written off meaning Johnson actualy cost £10 million in real terms.
Though three players have brought no funds in their salaries are savings but along with loan fees due for Ryan Flynn and Nikolay Mihaylov have been excluded. These sums are far from nominal and likely to show a surplus if the figures were to hand additions to the squad plus a number of players from across the ranks receiving increments to their pay will account for some of this resource.
However, contrasted to the £36 million so far spent - Johnson £17 million plus Alberto Aquiline £19 million - leads to a simple equation. After taking a few million out for the signings of Aaron King and Chris Mavinga it seems £25 million or thereabouts should be left.
A £6 million bid for Michael Turner suggests the reserves may well be lower and that a marquee signing to add weight to the front line is unlikely.
Hull could well be offered a little more but with Sylvain Distin remaining an alternative and Stoke’s Ryan Shawcross now touted as an option chances are Turner will no longer be an option.
Speaking after the weekend’s game with Athletico Madrid Benitez was coy when asked about his transfer plans and just how much he had to hand saying:
"We have to work with the players we have at this moment and keep working with the scouting department. We had some money but I will not talk about figures. When you talk about the figures I think it is clear. I will not say anything. I don't have the answer.”
Adding: “We are working hard with the players we have and the money we have. Always it is difficult to compete in the Premier League with clubs who have more money."
Matters could well have changed since the debt which allowed Tom Hicks and George Gillett to buy the club was refinanced roughly a fortnight ago.
An essential clause of the new agreement is that the loan must be serviced by the payment of £40 million within 12 months and though some funds came from personal guarantees of £60 million the owners provide by previous restructuring a fair sum falls squarely on the club’s shoulders.
Whatever the rights and wrongs of the set up other sources were earmarked for that purpose. Not the transfer balance sheet.
Asked directly about any new constraints from Hicks and Gillett there was a diplomatic answer from the Liverpool boss but possibly one which suggested new targets: "We are talking about these things. We are working always. We try to be ready just in case [a new player can be brought in], but you never know. It depends on the prices. It is something I have to talk with the club about. We have some ideas and we have to discuss these ideas."
Discretion continued to be shown as did the prospect of no one else arriving before the end of August: "To sign better players than we have now is not easy. If you analyse it you have to spend big, big money to sign these players. We have to manage with the players we have and I am pleased with them and hopefully with the experience of last season they will be better” Benitez said.
"I think we have some young players who need to improve San Jose, Ayala, but also Ngog, Nabil, Babel and Lucas; young players with quality. The priority was to extend the contract of the senior players to make sure we kept the spine of the team. Alonso decided he wanted to go. He told me in May he wanted to leave. We had to keep working and I think the price at the end was good. With this money we have brought in Aquilani.
“We knew he had an operation, but we wanted to change a little bit the games at home when the opposition is deep and it is not easy to give the final pass. Aquilani will be good there. The other players we have to wait and see how they progress in the season."
Liverpool are the jewel in the crown of Hicks and Gillett's sporting portfolios. So much so that stakes in other "franchises" have been put up for sale.
The club, the current ground and that long promised new stadium are all able to generate huge amounts of money but in the current climate the preferred leverage deals come with multiple strings attached. They also attract great expense which it seems has to be met from coffers which were supposed to be sacrosanct.
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