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Such an agreement was reached last week, with Real Madrid shelling out around £10M ($13.6M) to release him early from his contract.
Alexander-Arnold was highly esteemed for his charitable endeavours in his hometown.
This included backing The Whitechapel Centre, a charity for the homeless, and sponsoring the TAA League.
These youth football leagues offer young children the chance to play football at no cost and have been funded by the right-back.
The leagues are held at the Tiber Football Centre in Toxteth and the Eddie McArdle Playing Fields on Simonswood Lane in Kirkby.
Following the right-back's departure for Spain, doubts arose about the continuation of funding for these leagues.
Sean Barrigan, one of the organizers, expressed his gratitude to Alexander-Arnold and his family for their "generosity and kindness".
In a statement after a recent youth tournament, Sean said: "Just want to say a massive thank you to all 40 teams who participated in our tournaments this week, most importantly the 50+ teams who participated in both our leagues this season!
It's been an absolute pleasure to have everyone!
"Big thank you to our sites in Tiber, run by Mark, and Kirkby, run by Ben and Scott, for helping us put our matches on and deliver a safe environment for children every single week
Without their generosity and kindness, the league would not be able to give all the players free football every single week."
"This is my third year currently coordinating and TAA League's fifth all together