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Newcastle would like both, but Liverpool could scupper that particular dream for Eddie Howe.

Having parted with £116m to sign Florian Wirtz already this summer, as well as £28.6m on Jeremie Frimpong and £40m on Milos Kerkez, the Reds have been willing to spend.

Such major outlays under the ownership of Fenway Sports Group have been rare, something which has been a bone of contention among some factions of the fan base, but this is Liverpool, as Premier League champions and with a profit expected for 2024/25, the financial year which ended on May 31, looking to build from a position of strength.

But what might a deal for Isak mean for the club and their position when it comes to the Premier League’s profit and sustainability rules (PSR)?

The reason is very simple.

Liverpool can do more because they earn more, and they have managed their finances better than most in recent years in terms of giving themselves the financial wherewithal to be impactful with their business.

Liverpool’s financial year came to an end on May 31 for the 2024/25 period.

They haven’t been active participants in each and every window and that has allowed them to do what some of their rivals have not been able to do.

Only Manchester City and Arsenal could have made a Wirtz deal work this summer when it comes to the Premier League, taking into account PSR positions and transfer debt that already needs to be serviced.

Premier League clubs can lose £105m over a three-year period, with allowable deductions for investment in infrastructure, the academy, the women's team and community initiatives.

The period from 2021/22 to 2023/24 saw the Reds post a profit of £7m, a loss of £9m and a loss of £57m for the last three years.

They had absolutely no worries.

The 2024/25 period is likely to see Liverpool swing back to profit with revenues almost certain to be above £700m.

It would likely, with Wirtz, Isak, Frimpong, Kerkez and Marmardashvili, see Liverpool have only the sixth-highest amortisation costs in England’s top flight.

Having been net-PSR positive by some £62m for the three-year cycle up to 2023/24, and with a profit expected for 2024/25, the club, now into 2025/26, are working on the three-year cycle from 2023/24, 2024/25 and 2025/26.

The £57m loss in 2023/24, minus allowable deductions of £48m for depreciation, investment into infrastructure, the youth team, the women’s team and the community initiatives, means a net PSR position of £9m.

That won’t happen at all.

But the club are making the moves to solidify their position coming off their title win, looking to ensure that they follow up success and don’t miss out on Champions League football for the years to come, something which was chiefly responsible for the losses seen in 2023/24 when the club spent a campaign in the Europa League.

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But building up headroom and keeping your powder dry to put to work at key times is the hallmark of a well run business.

Liverpool’s amortisation costs for 2023/24 stood at more than £90m lower than Chelsea’s.
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