Claudius
For clarity, the Liverpool data is 5 years from the start of the Klopp era so it's comparable from a rebuild perspective.
Agree that COVID made things tougher, the market has moved on, rebuilding our squad was a bigger task (etc.) but our net spend is still 5x greater than theirs, which is quite dramatic. So whilst there may be externalities that have impacted our own spending, I struggle to see that as the only reason we're so much in the red.
Agree that our squad value is a plus (the positive lining of our transfer strategy) but I'm still not sure it completely offsets how much we've sunk (certainly not until we're able to sell more effectively).
Coombs
Looking at gross spend for the first 5 seasons of Klopp/Arteta is interesting too. Struggling to share the numbers but it's remarkably similar each year with the exception of this season where we spent €200m more. Total difference across 5 seasons is €269m.
I'd take that to mean (a) investment in players is similar but we've not yet assembled a team of comparable quality to the Liverpool title winning side (so maybe not as good value for money?) whilst (b) the more serious issue constraining improvement is our failings in selling players.