The €110m BLACK HOLE at the centre of FSG's failed Salah negotiations | OneFootball

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How has it all gone so wrong?

Through a variety of factors, Liverpool look set to have significant financial losses, despite Arne Slot's side leading the way in the Premier League and the Champions League after a summer filled with limited transfer activity.

The lack of Champions League football last season is reported to have created a €52.9million loss, as the club only received €27.1million in broadcast revenue, compared to €80million from the 2022/23 campaign.

In addition, the increase in player amortisation costs - transfer fee spread over the length of a player's contract - is set to hit Liverpool hard, with an increase of €24.6million as a result of the additions of Alexis Mac Allister, Dominik Szoboszlai, Ryan Gravenberch and Wataru Endo, despite the released costs of Fabinho and Jordan Henderson.

As such, Liverpool's calamitous 2022/23 season has put the club in a unique position, where finances are as bad as they have ever been.

What does this all mean?

Liverpool's expenses are likely to surpass €600m for the very first time.

This includes players wages, which are set to increase to €437.4million in 2023/24, coupled with the rise in other expenses - mainly travel - which takes the club's overall total to €603.2million, up €16.5million from 2022/23.

As such, this means that FSG are unlikely to push forward with further additions, e.g., player transfers and rising wages, even though the club is now successfully back in the Champions League after the blip of 2022/23.

At 32 years old, Liverpool's star winger Mohamed Salah is the club's most expensive asset - earning £350,000 a week in wages, which results in £18.2m each year.

So, while his contract is set to be up this year, much to the disgust of fans across the world, the likelihood of a new contract is not great, with his £18.2million fee a year being the main sticking point for a man in the twilight of his career.

His output remains elite and should Liverpool decide not to renew Salah's contract, as hinted by the Egyptian in a recent controversial interview with the press, it is unlikely that a player of the same qualities will be found for the £54.6m it would cost to have Salah for the next three years.

But this is the situation FSG have created for themselves.

In addition, Trent Alexander-Arnold and Virgil Van Dijk are also set to be out of contract in the summer and they will also want to remain amongst the club's highest earners if they are to remain on Merseyside in the near future.

Which moves FSG decide to make, we'll have to wait and see.

But it certainly isn't an ideal time to have a contract crisis at the club.