Jamie Carragher has delivered a brutal and damning assessment of Liverpool’s £445million spending spree last year, warning it could become the worst transfer window in Premier League history.
The former Reds defender raised the alarm after Andoni Iraola’s reign began with an unconvincing 2-2 draw at Newcastle.
Liverpool required a last-gasp penalty from Dominik Szoboszlai to escape St James’ Park with a point after several expensive stars struggled on the opening weekend.
Alexander Isak, Florian Wirtz, Milos Kerkez and Jeremie Frimpong were among those who failed to impress, reviving uncomfortable questions about the club’s extraordinary recruitment drive in 2025.
Liverpool signed seven players during Arne Slot’s final summer in charge, with Giorgi Mamardashvili, Hugo Ekitike and Giovanni Leoni also arriving as the total outlay reached £445m.
Yet those additions could not prevent the Reds finishing fifth last season, two years after they had been crowned Premier League champions.
Carragher fears Liverpool’s enormous investment may have caused lasting damage unless Iraola can quickly coax significant improvements from the group.
Jamie Carragher has delivered a brutal and damning assessment of Liverpool’s £445million spending spree last year, warning it could become the worst transfer window in Premier League history
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SKY SPORTS
“My fear watching Liverpool, listen its the first game of the season, is this window (2025) could set Liverpool back a year or two,” Carragher said on Sky Sports’ Monday Night Football.
“Don’t forget, last season it was not about these players. You (Gary Neville) said on the podcast yesterday these players had got off lightly, and you’re right.
“Because it was all about Arne Slot and his style of play, and he’s not like Jurgen Klopp, and he’s holding his players back.
“Arguably the WORST transfer window in Premier League history” @Carra23 speaks about Liverpool’s £445m spend last season and how it may have set the club back a year or two pic.twitter.com/3M6wqmpoOW
— Sky Sports Premier League (@SkySportsPL) August 24, 2026
“Yes it’s one game under Iraola, but we’re talking 12 months of underperformance from all of these players except him (Ekitike).
“If this doesn’t change in the next two or three months under Iraola and these players improving, I think we’re at that as arguably the worst transfer window in Premier League history.”
He added: “The idea wasn’t just these players coming in and being good players, it was to create a little dynasty for Liverpool.
“Let’s not forget, Liverpool won the league two years ago.
“These [players] were meant to done what [Manchester] City had done a few years ago or [Manchester] United in the past when they go and win two or three leagues in five years.”
Ekitike was the notable exception before suffering an ACL injury, scoring 17 goals in 45 appearances across all competitions.
Liverpool regressed under Arne Slot last season despite forking out huge fees for the likes of Alexander Isak and Florian Wirtz
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GETTYWirtz, Isak, Frimpong and Kerkez, meanwhile, managed only 15 goals between them.
Mamardashvili has also looked uncertain when deputising for Alisson, while injuries have ruled Ekitike and Leoni out early this season.
With Mohamed Salah departing this summer, greater responsibility has fallen on the recruits signed to form Liverpool’s future.
The club have since added Jérémy Jacquet, Victor Munoz and Barcelona defender Ronald Araujo, who has joined on loan.
Liverpool remain interested in Paris Saint-Germain winger Bradley Barcola but have refused to meet an asking price exceeding £130m.
Iraola’s players now face Nottingham Forest at Anfield, with that match due to take place on Saturday (12.30pm).
