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In truth, even Liverpool fans must be wondering what on earth is going on, although they are enjoying the sensation rather more than the rest of the division.

So how is Richard Hughes pulling it off?

Liverpool hasn't sold any hotels to itself, nor has it jettisoned the women's team.



Upon closer inspection, it's clear how Liverpool is staying well within financial regulations — though that does not change the fact that the addition of Isak would make this a massively atypical transfer window.

First off, I've looked at the signings Liverpool has made so far this summer.

I've broken that down into the true cost (the transfer fee), and the accounting cost (the amount Liverpool will account for on its books, in a process known as "amortizing" the deal over a maximum of five years).

Player

Transfer fee

Accounting cost

Florian Wirtz

$143.5 million

$28.7 million

Hugo Ekitike

$109 million

$21.8 million

Milos Kerkez

$53.8 million

$10.8 million

Jeremie Frimpong

$46 million

$9.2 million

Giorgi Mamardashvili

$34.4 million

$6.9 million

Armin Pecsi

$2 million

$0.4 million

Total

$388.7 million

$77.8 million

$388.7 million (around £255 million) is clearly a huge overall spend.

Accounting profit is the total fee the club received, minus any outstanding book value — although that's only relevant so far in the case of Luis Diaz, with all other deals representing pure profit.

Player

Transfer fee

Accounting profit (estimated)

Luis Diaz

$80.4 million

$63.7 million

Jarell Quansah

$40.2 million

$40.2 million

Caoimhin Kelleher

$17 million

$17 million

Trent Alexander-Arnold

$11.5 million

$11.5 million

Nat Phillips

$4 million

$4 million

Total

$153.1 million

$136.4 million

As you can see, Liverpool is actually in an accounting profit to the tune of some $60 million so far this summer.