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And it was given more than a few more renditions as Liverpool romped to a record-equalling 20th championship last season.

"The Reds have got no money, but we'll still win the league," came the cry from the Reds support, acknowledging what has long been regarded by some as the over-frugality of club owners Fenway Sports Group.

Of course, Liverpool are by no means paupers and have consistently ranked in the top 10 of the Deloitte Football Money League, the accepted barometer of a club's financial standing in terms of revenue.



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But when it comes to splashing the cash in the transfer market, Liverpool haven't quite been on a par with many of their nearest rivals, not least last summer when only £10m was spent to immediately bolster the squad with the arrival of Federico Chiesa, although a further £29m was committed to bringing in Giorgi Mamardashvili this season.

That, though, has very much changed during this transfer window, with many eyebrows being raised at the uncharacteristically mammoth outlay that has seen Liverpool bring in seven players - including club record £116m arrival Florian Wirtz - and being prepared to break the British transfer record for Alexander Isak of Newcastle United while still seeking a new centre-back.

It's not inconceivable the Reds end up splashing out almost £450m this summer, underlining why it is important to recruit from a position of strength rather than rest on laurels.

The Reds will hope for a similar return this time around.

The careful financial approach of FSG over the years, the ability to gain top dollar from the sale of players and the income ultimately generated by subsequent triumphs on the pitch have ensured Liverpool have no issues at present regards the Premier League's Profit and Sustainability Rules.

And there is a sense the Reds are merely playing catch-up on those around them.

Now, assessing transfer spends is often a fraught task.

And the results of transfer spend over the last five years - starting with the summer 2021 window - are enlightening.

Nobody will be surprised to see Chelsea topping the list in terms of net spend given their outlay in excess of £1.5bn.

Then come Arsenal - often portrayed as lacking financial clout - with £800m of signings and an overall transfer balance of £613m spent.

Fourth are Tottenham Hotspur whose £758m in arrivals has led to a net spend of £530m.

Well, despite their spend on players being the third highest at almost £820m, their significant number of sales means they rank seventh in the net spend rankings on £325m.

It's worth bearing in mind much of City's transfer income has come from the sale of players from their academy, a part of the club in which over a long period they have been able to inject huge sums compared to their Premier League rivals thanks to the backing of their Abu Dhabi owners.

Newcastle are sixth in the overall list with a net spend of £358m.

With five weeks remaining in the transfer window - these statistics are correct as of Monday lunchtime - for many clubs the bulk of their business is still to come the nearer the looming September 1 deadline.

Should, as is expected, Luis Diaz's transfer to Bayern Munich be completed, Liverpool can expect to move into sixth place in terms of money brought in from transfers over the last five years.
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