Liverpool's plans for the January transfer window could be dramatically reshaped by the ongoing speculation surrounding the future of star forward Mohamed Salah, placing owner John W Henry at a critical decision point.
The Financial Conundrum at Anfield
Despite the colossal personal wealth of Fenway Sports Group chief John W Henry—estimated by Forbes at approximately £4.2 billion—the club's spending power is constrained by the Premier League's strict Profit and Sustainability Rules (PSR). This creates a complex scenario for Liverpool, who have endured a disappointing first half of the 2025/26 season.
Financial analyst Kieran Maguire has shed light on the situation, noting that Liverpool's previous financial prudence gives them some leeway. "Liverpool have got the benefit of, yes, they had a spectacular summer of 2025, but if you take a look at their losses in the two previous years, they were never in danger of breaching PSR," Maguire explained. "So that's given them the capacity to spend."
How a Salah Sale Could Unlock Funds
The potential departure of Mohamed Salah, who was dropped by manager Arne Slot before joining Egypt for the Africa Cup of Nations, is now seen as a pivotal factor. Maguire detailed the significant financial upside of a sale, particularly to the Saudi Pro League.
"Well, his wages are probably going to be something like £15m a year. So, if he left he would free up the wage budget," he said. "On top of that, because he's been there so long, effectively any money that they get is pure profit. And that goes into your top line."
Maguire suggested that despite Salah being 33 and having 18 months left on his contract, a fee in the region of £60m to £70m is achievable from Saudi clubs, who may view him as a long-term successor to Cristiano Ronaldo as the league's marquee attraction.
January Reinvestment and PSR Calculations
Such a windfall would provide Liverpool with both the accounting profit and the cash flow to be active in the winter market. The club's substantial summer investment, which exceeded £400 million offset by around £190m in sales, means a major outlay is unlikely without a corresponding sale.
Maguire highlighted that the cost of a new signing is amortised. "So if you sign a £50million player in January, six months of that will go into your account. So it's going to cost you £5m," he said, noting that the prize money for a higher league finish could easily cover such an outlay.
The analyst also revived talk of a move for Crystal Palace defender Marc Guehi, a deal that collapsed on deadline day last summer, as a possible target this month. Ultimately, the decision may come down to Champions League qualification. "If they felt that was the difference between qualifying and not qualifying for the Champions League, then it's a no-brainer. You go for it," Maguire concluded.
For John W Henry and the Liverpool hierarchy, the January window represents a delicate balancing act: weighing the immediate need to strengthen a struggling squad against the long-term financial logic of cashing in on an ageing superstar, with PSR regulations dictating every move.
