Trent Alexander-Arnold’s reception at Anfield last weekend may have been different had he departed for a substantial transfer fee. His case is a common conundrum for clubs: what’s the academy’s return on investment on a top-performing homegrown player that leaves on a free transfer?

Per analysis for The Athletic, we calculate that Alexander-Arnold has delivered around £145m-£150m in value to Liverpool. We measure this by estimating the salary and amortised transfer cost required to acquire a player of comparable performance. In 2016/17, as a fringe player in a weaker Liverpool team, a comparable recruited player would have cost the club £6m more. At his best, Alexander-Arnold was saving the club over £20m per year given his lack of transfer fee and below market-rate salary. 

Over nine seasons, this saving sums to around £150m. That may soften the blow of a ‘free’ exit for Liverpool, if not the club’s fans.