€99 million is Liverpool's total spending in this summer's transfer market. The figure is significant, but what is truly worth examining is who the money was spent on, and who it was not spent on.
The person leading all of this was sporting director Richard Hughes. He was almost constantly working throughout the summer, eventually completing two key signings aimed at strengthening the attacking and defensive areas respectively.

Two signings, one attacking and one defensive.
The most high-profile move was the signing of Federico Chiesa from Juventus for a transfer fee of €12 million. The Italian forward was viewed as a versatile attacker capable of playing in multiple positions across the front line, and Liverpool's move was clearly aimed at adding variety and depth to the attack.
The other signing came in the goalkeeper position, with Giorgi Mamardashvili brought in from Valencia for €35 million. This investment was more focused on the future, with the young goalkeeper's potential being the main reason Liverpool were willing to make the payment.
These two signings addressed specific needs in the attacking and defensive departments. Overall, Liverpool's approach this summer was clear: use a limited budget to strengthen the positions that needed it most.
The player they failed to sign.
However, transfer windows are not only about who is signed, but also about who fails to arrive.
Liverpool spent the entire summer trying to bring midfielder Martin Zubimendi from Real Sociedad. They made an offer and showed their determination, but the Spanish midfielder ultimately chose to remain at his current club. For Liverpool, this was a notable setback, as their plan to strengthen the midfield was therefore not fully completed.
A complete transfer window requires both arrivals and departures. Liverpool also sold Bobby Clark to Red Bull Salzburg for €12 million, a move that helped balance the accounts to some extent and made the squad structure more streamlined.
How should this deal be evaluated?
A €99 million investment is not extravagant for a Premier League giant, but it is not conservative either. The key point is that Liverpool concentrated their budget on Chiesa and Mamardashvili: one a ready-to-contribute player and the other a prospect with potential. The overall strategy was not unclear.
The only lingering concern is still the position targeted by Zubimendi. Whether the lack of midfield reinforcement will become a problem midway through the season is too early to determine. At least on paper, Liverpool's operations this summer can be considered an investment with a clear purpose.