Costing a potential £116m, Florian Wirtz is one of football’s most expensive-ever transfers. But how meaningful is that fee?

Fees can be better put into context when expressed as a percentage of club revenue. When Liverpool signed Andy Carroll for £35m in 2011, he represented 19% of the club’s revenue (£184m). Wirtz, despite costing £81m more, accounts for 19% of Liverpool’s current revenue (£614m). In real terms they have cost the same.

This also helps set expectations for players. Irrespective of the club, players costing 15-20% of revenue typically play 70% of league minutes – not as much as you might hope, when you consider the scale of investment – while players in the 5-10% range average closer to 55%.

Transfer fees dominate headlines, but assessing them relative to club finances provides better context – revealing not just what a player truly costs, but the impact they should be expected to make.