The £125m Transfer That Left Both Clubs Worse Off
When Alexander Isak completed his British record £125m move from Newcastle United to Liverpool in August 2025, it was supposed to be a transformative moment for both clubs. Instead, five months later, the evidence suggests this mega-transfer has created an improbable outcome where both Premier League sides have become demonstrably worse off.
A Conspicuous Absence at Anfield
As Liverpool and Newcastle prepare to meet at Anfield on Saturday night, Isak will once again be conspicuous by his absence. The Swedish striker, whose Carabao Cup final winner against Liverpool in 2025 secured Newcastle's first major trophy since the 1960s, has been sidelined since November with a broken leg sustained while scoring at Tottenham.
Liverpool manager Arne Slot revealed last week that the Reds have only seen their record signing in peak condition for approximately ten minutes this season. "Then Micky van de Ven landed on him," Slot lamented, referring to the challenge that ended Isak's brief glimpse of brilliance.
The Statistical Decline
The numbers paint a stark picture of decline for both clubs. With Isak in their squad, Liverpool have scored twenty-one fewer Premier League goals compared to this stage last season. Meanwhile, Newcastle, without their former talisman, are nine goals down from their previous campaign's tally.
Liverpool's £125m investment has yielded just three goals so far, with only one coming in Premier League competition. Newcastle's replacements - Nick Woltemade and Yoane Wissa - have managed twelve goals between them, but required forty-eight appearances to achieve this output.
Howe's Honest Assessment
Newcastle manager Eddie Howe offered a candid assessment of the situation last week. "You lose a player like Alex," he mused. "Liverpool paid the money they did because he's an outstanding footballer, an unbelievable talent. When you take that player away from your team, it's going to change the dynamics."
Howe's admission speaks to the fundamental reshaping of Newcastle's attacking approach. Woltemade, while a compelling footballer, represents a different profile - less inclined to run behind defences and less suited to away games, which partially explains Newcastle's poor record on the road this season.
The Financial and Strategic Consequences
The timing of Isak's departure created significant complications for Newcastle. The £125m windfall arrived at the end of the transfer window, forcing the club into reactive purchases. Industry analysts suggest that, under normal circumstances, Woltemade and Wissa might have commanded a combined fee of approximately £80m rather than the full £125m Newcastle spent.
Meanwhile, Liverpool face their own strategic dilemma. The acquisition of Hugo Ekitike, who has scored thirteen goals this season including one against Newcastle in August, raises questions about whether the Reds actually needed Isak at all. Ekitike's pace and productivity suggested he could have been a seamless successor to Isak at Newcastle, but Liverpool intervened to secure the Frenchman's signature.
A Summer of Striking Uncertainty
The 2025 summer transfer window represented a striking shake-up across the Premier League, but few of the major attacking signings have proven successful. Beyond Bryan Mbeumo and Dominic Calvert-Lewin, most clubs have struggled to integrate their new forwards effectively.
Newcastle had considered multiple alternatives to Isak, including Mbeumo, Benjamin Sesko, Liam Delap, Joao Pedro, and Ekitike. Liverpool's rationale centered on Isak being the best available striker on the market - a view shared by Arsenal, who also expressed interest in the Swede.
The Unanswered Questions
Five months into this unprecedented transfer, fundamental questions remain unanswered. Can Isak and Ekitike play together effectively for Liverpool? Brief encouraging signs during a Champions League victory at Eintracht Frankfurt were extinguished when Isak suffered his season-altering injury.
As Newcastle and Liverpool reconvene for their first meeting since completing this protracted transfer saga, the evidence suggests neither club emerged as winners. Both have experienced statistical decline, tactical disruption, and financial complications from a deal that promised transformation but delivered uncertainty.
The protective boot may have been removed from Isak's foot, but the Swedish striker remains far from returning to football boots - a fitting metaphor for a transfer that has left both clubs walking with a noticeable limp through their respective seasons.
