A warning from Paris that Liverpool may have ignored

There is no denying that financial power is a fundamental factor in modern soccer. Multi-million-dollar investments make it possible to sign players and improve squads in a short period of time. But this is still an 11-against-11 sport in which tactics and the human element usually matter more than money. Liverpool and PSG over the last few years are the perfect reflection of that idea.

Nasser Al-Khelaifi’s arrival at PSG back in 2011 changed the sporting and institutional reality of the Paris club forever. Qatari money poured relentlessly into the Parc des Princes, setting off a spending spree that permanently broke with the transfer-market model that had existed until then. Between 2011 and 2023, PSG spent a total of €2.092 billion, about $2.3 billion, on transfers. Some of the biggest names were Zlatan Ibrahimović, Edinson Cavani, Kylian Mbappé, Lionel Messi, and Neymar Jr. The Brazilian’s signing remains the biggest transfer in soccer history (€222 million, roughly $244 million).

That spending had a clear goal beyond countless domestic titles: winning the Champions League. Lifting Europe’s top club trophy gives a team a different status. Even so, Al-Khelaifi had to wait longer than expected to get his hands on the famous cup. It finally came last year under Luis Enrique. What is striking is that PSG’s triumph arrived at a radically different moment in terms of transfer policy. Kylian Mbappé’s sale to Real Madrid marked a change in direction. The club was no longer signing players recklessly. Instead, it brought in players who actually addressed the team’s needs, as in the cases of Kang-in Lee and Pacho.

Added to that is the fact that, today, the backbone of the Paris team is made up of homegrown players. That is the case with players such as Doué, Barcola, and Zaïre-Emery. That model does not require outrageous spending and brings the fans much closer to a genuine sense of belonging. In the first season in which PSG did not try to dominate the market, it achieved its greatest objective: becoming champion of Europe.

PSG’s case brings us to Liverpool, its opponent tonight in the first leg of the Champions League quarterfinals. The English club won its sixth and most recent Champions League title in 2019. It did so under Jürgen Klopp, with a historic semifinal comeback against Barcelona at Anfield. After the German’s departure from The Kop, Liverpool turned to Arne Slot. In his first season, they managed to reclaim the Premier League and reestablish themselves in Europe as one of the three favorites to win the continent’s top prize. Last summer, to reinforce that feeling, they chose to make an unprecedented outlay in the club’s history: €150 million, about $165 million, for Isak, €135 million, about $149 million, for Florian Wirtz, and close to €100 million, about $110 million, for Hugo Ekitike. It was a truly wild spree worthy of PSG’s spendthrift past.

Those who do not know history are condemned to repeat it. Liverpool has fallen out of the Premier League title race. In the Champions League, it has had to fight harder than expected to reach this stage of the competition. Alexander Isak was one of the names that helped build the high expectations at Anfield. Liverpool paid €150 million for him, the most expensive signing in English league history. Yet his poor performances and his numbers do not support the narrative: two goals and one assist in the Premier League. The Reds are playing worse than they did last year despite, on paper, having a more powerful squad in terms of individual talent. It is a mirror image of the old Parisian approach. Only time will tell whether Liverpool’s big-spending model can win the Champions League or whether Arne Slot’s side will need to resemble the blueprint of the new PSG.

Get closer to the game! Whether you like your soccer of the European variety or that on this side of the pond, our AS USA app has it all. Dive into live coverage, expert insights, breaking news, exclusive videos, and more. Plus, stay updated on NFL, NBA and all other big sports stories as well as the latest in current affairs and entertainment. Download now for all-access coverage, right at your fingertips – anytime, anywhere.

And there’s more: check out our TikTok and Instagram reels for bite-sized visual takes on all the biggest soccer news and insights.