Richard Hughes’ €750m Liverpool transfer legacy rated

Updated: 5 Sept 2026 14:34 BST | 5 min read

Richard Hughes, Alexander Isak, Florian Wirtz, Liverpool grades — © IMAGO

Robin Bairner | Chief Editor

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Liverpool have announced that sporting director Richard Hughes is standing down from his role to take up an opportunity in the Saudi Pro League at Al-Hilal in what has been an open secret for much of the summer.

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Hughes’ impact at Liverpool should not be undersold. Although he spent only two seasons at the club, he oversaw the biggest single-window transfer spend in football history during the summer of 2025, during which he twice broke the Premier League transfer record.

The outcome of the deals he has struck will, therefore, shape not only the destination of the Reds for years to come, but also the future of the Premier League.

In total, Liverpool spent more than €750m in transfer fees with Hughes at the helm, conducting 14 major deals in the process.

Here’s how it breaks down and how well those players have fared so far.

2024/25: A low-risk start

With Jurgen Klopp stepping down as manager, Liverpool’s big task in the summer of 2024 was to find a new boss, which they did in the form of Arne Slot.

There was little need to overhaul the playing staff of a Premier League-winning side, and as such signings were few and far between – and what deals were done were conducted for players at bargain prices.

With this in mind, it was hard to go far wrong.

Giorgi Mamardashvili – from Valencia, €30m

Rating: C

Liverpool may have wanted the 25-year-old Georgian to be a starter by now, but they did not pay an outrageous price for him and he has continued to hold his value.

Federico Chiesa – from Juventus, €12m

Rating: C

The Italian’s impact at Anfield has been limited to a role as a luxury substitute, but he has at least brought valuable depth and was bought for well under his true value.

Rio Ngumoha – from Chelsea, €3.2m

Rating: A+

Some excellent work to prise the highly rated Ngumoha away from Chelsea. He has shown flashes of brilliance in the first team and could be a feature at Anfield for the decade to come. Liverpool were told to pay Chelsea £2m (€3.2m) for him by tribunal.

2025/26: Hughes’ big gamble

This is the season that Hughes’ reputation will live and die by in the long run at Liverpool.

The Reds spent an extraordinary €530m on signings over the course of the campaign, with the majority of that in the summer.

It was done with the aim of tightening their grip on the Premier League, but the lavish investment failed and they were only able to finish third.

While this was short-term disappointment, these players still have time to redeem themselves.

Alexander Isak – from Newcastle, €145m

Rating: C

The context of the Swede’s arrival was difficult as he was forced to fight for the move, then he suffered an injury that all but ended his season. Looks like he has come back with a vengeance this term.

Current ETV

Alexander Isak

F (C)

Liverpool

Alexander Isak

F (C)

Liverpool

ETV Range

€70.9M - €86.6M

Florian Wirtz – from Bayer Leverkusen, €125m

Rating: D

So much was expected of the Germany international star when he arrived at Anfield, but he’s simply not produced the output he managed at Leverkusen. Far more is needed from such a lavish signing.

Hugo Ekitike – from Eintracht Frankfurt, €80m

Rating: A-

His arrival was pushed into the shadow by Isak and Wirtz last season, but there’s been little doubt that the former PSG man was the most effective of the trio by far. Unfortunately, he suffered a long-term injury and has yet to return.

Jeremie Jacquet – from Rennes, €60m

Rating: n/a

Signed in January and loaned back to Rennes. Has shown promise.

Milos Kerkez – from Bournemouth, €47m

Rating: D

Andrew Robertson’s replacement has shown he’s not a patch on the Scotland international and looks like an expensive error from the Reds. Offers neither the defensive security nor the volume of assists.

Jeremie Frimpong – from Bayer Leverkusen, €40m

Rating: D

Liverpool seemed to have done well when they won the race to trigger Frimpong’s release clause, yet the fears he would not be defensively strong enough for the Premier League have been realised. Will be second choice when Conor Bradley is fit.

© IMAGO - Florian Wirtz and Jeremie Frimpong

Giovanni Leoni – from Parma, €29.5m

Rating: n/a

Suffered a serious injury on debut.

2026/27: Summer reset

This summer’s transfer business was much more restrained from Liverpool, who still strengthened the squad with a healthy net spend.

After last season's investment in attackers, two more were added, with Bradley Barcola the eye-catching marquee signing from PSG, albeit at a premium price.

Victor Munoz has shown much promise early in his Anfield career while Lucca Brughmans has been added for the future.