Liverpool spending backed by title win and long-term plan, says CEO
Liverpool's latest acquisition, French striker Hugo Ekitike from Eintracht Frankfurt in a deal worth 79 million pounds ($106.84 million), including add-ons, has taken the club's transfer expenditure this window to nearly 300 million pounds.
Outgoings, six players including Trent Alexander-Arnold, have so far generated around 64 million pounds.
The outlay marks a sharp departure from Liverpool's traditionally measured approach in the market. However, Hogan insists the club has not deviated from the club's policy of financial sustainability.
"It doesn't just happen; it's been years in the making," Hogan told The Athletic in an interview.
"One of the things we're constantly focused on is that 'virtuous circle'. Trying to run the club in the right way to ensure that we can generate as much revenue as we possibly can. That obviously helps in terms of being able to put more back into the team.
"The difficulty is if you just look at one individual summer. That probably skews the data. There were a lot of comments made last summer that we didn't spend enough..."
Hogan explained the approach reflects the ambitions of American-led Fenway Sports Group (FSG), who are seeking to build on last season's Premier League title under manager Arne Slot.
"We also recognise, having won the English league title for the 20th time, that this is one of the biggest clubs in the world. We want to make sure that we are behaving like one," he added.
"Having massive global stars come and play at Anfield, filling out stadiums in Hong Kong and Japan, those are things we expect and want to do."
Liverpool face AC Milan in Kowloon, Hong Kong on Saturday, before taking on Yokohama FM in the J League World Challenge in Yokohama on Wednesday. They begin their Premier League title defence at home against Bournemouth on August 15. REUTERS
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
42 minutes ago
- Straits Times
Trump administration plans changes to skilled worker visas and citizenship tests
The H-1B visa program for foreign workers has been the subject of a fierce debate within the Republican Party. WASHINGTON – The Trump administration is planning to change the visa system for skilled foreign workers, a program at the center of a dispute between immigration hard-liners and tech industry leaders, said the new director of US Citizenship and Immigration Services (USCIS). In an interview with The New York Times, Mr Joseph Edlow, the director of USCIS, also said the test to become a US citizen was too easy and should change. 'It's very easy to kind of memorise the answers. I don't think we're really comporting with the spirit of the law,' Mr Edlow said July 24. He illuminated how the agency at the heart of the country's immigration system would operate in President Donald Trump's second term, at a moment when the president has ordered a sweeping crackdown on immigration and mass deportations. The H-1B visa program for foreign workers has been the subject of a fierce debate within the Republican Party. Mr Edlow said it should favour companies that plan to pay foreign workers higher wages. The proposed changes to the system could help alleviate criticism from those in the right wing of the Republican Party who say the program brings in workers who are willing to accept lower salaries than American workers. This week, Vice-President JD Vance criticised companies who lay off their own employees and then hire foreign workers. But some of Mr Trump's most prominent backers in the tech industry have said they rely on the program because they can't find enough qualified American workers. 'I really do think that the way H-1B needs to be used, and this is one of my favorite phrases, is to, along with a lot of other parts of immigration, supplement, not supplant, US economy and US businesses and US workers,' Mr Edlow said. Mr Doug Rand, a former Biden administration official, said changing the H1-B process to favour higher-wage earners was misguided. 'Like it or not, the H-1B program is the main way that US companies can hire the best and brightest international graduates of US universities, and Congress never allowed DHS to put its thumb on the scale based on salary,' he said. NYTIMES
Straits Times
42 minutes ago
- Straits Times
Man in India arrested for running a fake embassy
Police officials suggested that Jain had been running his racket since at least 2017, when he declared himself the representative of Westarctica. NEW DELHI – There are more than 100 diplomatic missions based in India's capital, New Delhi. What does it take to set up your own? Not much, if you ask Harshvardhan Jain, aka 'Baron H.V. Jain'. Rent a bungalow, hoist some flags, park a few luxury cars on the curb, photoshop yourself into pictures with world leaders, and – voilà! – you have your own embassy. Until you are caught, that is. Indian police arrested Jain, 47, on July 22 for running a fake embassy in a rented residential building in Ghaziabad, a city just outside New Delhi. This house, police said, alternately acted as the diplomatic mission for Westarctica or the Principality of Seborga or Poulbia Lodonia – depending on the day or the need or the hour. These entities, technically, are 'micronations' – self-proclaimed sovereign states that lack a legal basis for their existence, as they are not recognised by other countries. Top stories Swipe. Select. Stay informed. Asia Cambodia calls for ceasefire with Thailand after deadly clashes Asia 'Nothing like this has happened before': At least 16 dead as Thai-Cambodian conflict continues Multimedia Lights dim at South-east Asia's scam hub but 'pig butchering' continues Business Banking and finance jobs will change but won't disappear as AI becomes the new normal: Accenture Singapore SMRT to pay lower fine of $2.4m for EWL disruption; must invest at least $600k to boost reliability Singapore Tipsy Collective sues former directors, HR head; alleges $14m lost from misconduct, poor decisions Asia Hottest 'ticket' in Jakarta? Young Indonesians compete for a slot at singing club Singapore Kopi, care and conversation: How this 20-year-old helps improve the well-being of the elderly For the better part of a decade, such legal inconveniences did little to undermine Jain's operation. Police said his building in Ghaziabad, with all its pomp and regalia, was the address for a range of criminal activities, from defrauding people of money by promising employment abroad to running a multinational hawala network – an informal system of transferring money that is illegal in India. Police officials suggested that Jain had been running his racket since at least 2017, when he declared himself the representative of Westarctica. His ambitions kept expanding from there. The micronation of Westarctica, in a statement on its website, said 'Mr Jain was an authorised representative engaging in unauthorized activities'. He had been made an 'honorary Consul to India' after he made a 'generous donation' to Westarctica, the statement said. The entity's website says it was set up in 2001 by Travis McHenry, an American citizen, while he was serving in the US Navy. He refers to himself as Grand Duke Travis. In a statement on Westarctica's Instagram page, Grand Duke Travis said 'Baron H.V. Jain' had been removed from the micronation's 'roster of diplomatic representatives'. In an e-mail to The New York Times, he added that Jain had been in possession of diplomatic number plates, passports and many other items bearing the seal of Westarctica, none of which he had been authorised to produce. For almost eight years, Jain had created for himself the 'aura' of an important man, said Mr Sushil Ghule, a senior superintendent of police involved in the investigation. 'An undiscerning layman will believe what he sees and cannot tell that it's all fraudulent,' he said. In the fake embassy, the police recovered 12 counterfeit passports representing different countries, 20 diplomatic license plates that had been obtained without authorization, stamps of government departments and agencies, forged documents and foreign currencies – all used to keep up Jain's persona of a well-connected diplomat. Police said that Jain had a master's from a university in London and that he was well-travelled, having established dubious companies in several countries before returning to India. The son of an industrialist, he was booked by police in 2012 for owning a satellite phone, which is prohibited for use in India without a licence. Mr Ghule said police were still looking into the extent of Jain's activity from the fake embassy. Have they reached out to Westarctica for help with the investigation? 'No,' Mr Ghule said. NYTIMES
Business Times
3 hours ago
- Business Times
The EU-China Summit That Barely Happened
WHEN expectations are at rock bottom, simply showing up counts as progress. That is the story of this week's EU-China summit in Beijing – a hastily truncated, one-day event after China's President Xi Jinping declined to travel to Brussels. The absence of a formal joint communique and the palpable lack of deliverables should not obscure a critical fact that this meeting still matters. The reality of interdependence Despite rising tensions, the European Union (EU) and China together account for roughly a third of global gross domestic product and 30 per cent of world trade. Their economies are intertwined, and their geopolitical futures increasingly entangled. Whether on trade, climate action, or global security, EU-China relations have outsized consequences that go far beyond the boundaries of Brussels and Beijing. That is why, even in a climate of mistrust and mutual suspicion, face-to-face dialogue at the highest level is a meaningful step forward. Given how close the summit came to not happening at all, Xi's confirmation – reportedly just days before – signals a reluctant but essential recognition: disengagement is not a viable strategy. Fractured trust and strategic calculus The optics were clear. A shortened visit, no banquet, and icy body language contrast sharply with the six-day red-carpet treatment extended to Australia's prime minister just a week ago. The EU is not currently in Beijing's diplomatic good books, and the reasons are manifold. First and foremost is Ukraine. China's tacit support for Russia's war has alarmed European policymakers. Beijing's reported position that a Russian loss could embolden US pressure in Asia, reflects a calculus starkly misaligned with European values. The EU's recent sanctions on two Chinese banks linked to Russian military supply chains have further strained ties. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up China's restriction of rate earth exports to Europe, after easing them for the US, has inflamed tensions across the EU industry. Though fast-tracked licences have been promised, details remain opaque. And for industries already grappling with competitiveness in areas like clean tech, automotive and computing, the uncertainty is as damaging as the restrictions themselves. Caught between powers Europe's dilemma is exacerbated by the looming presence of the US. Even absent from the summit table, Washington was very much 'in the room'. Both China and the EU are calibrating their moves with one wary eye on US trade policy. China fears a transatlantic deal that will shut it out while the EU fears becoming the dumping ground for excess Chinese goods that can no longer enter American markets. Also, the timing of this summit could not have been worse. With the US trade deadline looming on Aug 1, the incentive on all sides is to avoid provocation. But long-term alignment remains murky. The EU's attempt to 'de-risk' from China, as EU President Ursula von der Leyen has framed it, involves walking a tightrope: reducing strategic dependencies without provoking confrontation. That is a hard sell in both Beijing and Washington. The search for leverage elsewhere China is not the only partner the EU is looking at. Negotiations with Australia, South-east Asia and Mercosur signal a concerted push to diversify trade partnerships. While these will not fully offset dependence on China, they send a clear message: Europe is broadening its options. Climate change might seem like one area ripe for cooperation. Both the EU and China have deadlines approaching for commitments ahead of COP30 in Brazil. Yet even here, progress is stymied. The EU refuses to endorse any joint declaration unless China offers firmer pledges on emission reductions. The concern? That aligning too closely with Beijing could strain transatlantic ties. Small steps, significant implications So, will this summit be deemed a success? That depends on the yardstick. If the expectations are major breakthroughs or a reset in bilateral relations, then ultimately it will be a disappointment all around. But in geopolitics, showing up can sometimes be half the battle. In a world becoming more fragmented and multipolar, structured engagement, however imperfect, is still our best hope. The EU and China may not trust each other much, but they understand that coexistence, and even cooperation, are inescapable. And that, in today's world, is reason enough to keep talking. The writer is senior partner at Penta, based in Brussels
