It has been quite a summer at Anfield. The shock dismissal of Arne Slot set the tone, Andoni Iraola arrived to take the reins, and Victor Munoz became the first piece of new business — a £34.5million arrival from Osasuna that gave supporters something to smile about. Since then, though, the window has felt like it is treading water. With Mohamed Salah, Andy Robertson, and Ibrahima Konate all gone, there is meaningful work still to be done.

As if that were not enough to keep the boardroom busy, Liverpool's ownership are now fielding interest from outside investors. FSG have confirmed that a consortium led by British-Indian businessman Amit Bhatia has formally expressed interest in acquiring a minority stake in the club. Bhatia's group carries serious financial weight, backed as it is by the Mittal family — whose net worth Forbes most recently placed at over £26billion. The timing of his approach is notable, coming just days after Bhatia stepped away from his co-ownership role at Queens Park Rangers.

In an official statement provided to the Echo, FSG said: "An investment consortium led, managed and represented by Amit Bhatia has expressed interest in making a strategic minority investment in Liverpool Football Club."

Sources familiar with the situation indicate that no agreement has been reached and that discussions remain at an early stage. The structure of any potential deal is being compared to FSG's arrangement with Dynasty Equity back in 2023, which was valued somewhere between £82million and £164million. As a point of reference, FSG acquired Liverpool for £300million in October 2010. The club's current Forbes valuation stands at £5.2billion — a number that tells you everything about how dramatically the football landscape has shifted in that time.

To add another thread to an already complicated story, Sky Sports have reported that Amazon founder Jeff Bezos was approached about the possibility of joining a separate consortium of investors also eyeing a stake in Liverpool. Sky's report notes considerable caution around that particular avenue, however, and it is described as far from certain that Bezos will ultimately pursue the opportunity. For now, the Bhatia-led consortium appears to be the most concrete development.

Whilst all of this plays out in the boardroom, Iraola is getting on with the job on the grass. The Liverpool manager spoke to reporters from Chicago, where the squad have touched down for the opening leg of their pre-season tour in the United States, and he was refreshingly direct about where reinforcements are needed.

A winger is the priority. That much is not a surprise given Salah's departure, but hearing Iraola state it plainly carries its own weight. The Basque manager did not shy away from the realities of the situation, acknowledging that there are other positions which depend heavily on how circumstances develop — most notably at right-back.

Iraola said: "I think it is difficult to say a number when the market is open. You have to be always open to new options to improve the squad. There are obvious situations where we need to sign players."

He continued: "A winger for example, we definitely need to sign a winger, but there are other situations where we will have to analyse what the market gives you, what is the cost, how we also see the players we have."

"We have some tricky positions where we have injured players, that we trust, but it is still not the ideal situation, so it will depend on a lot of things."

On the right-back question specifically, Conor Bradley's recovery from a long-term knee injury is the determining factor. Iraola was clear that a fit Bradley changes the equation entirely: "I think it depends on the Conor situation, at the end if you have a fully fit, healthy Conor Bradley, we are very happy, ready to go, and we would not be asking ourselves these questions."

That is a telling quote. It shows a manager who is realistic about his squad's current limitations without being alarmist about them. Bradley is trusted. The concern is simply that trust alone does not fill a teamsheet when a player is unavailable.

What emerges from all of this is a club in a significant moment of transition on multiple fronts simultaneously. A new manager finding his feet, a squad in need of surgery, and an ownership group navigating billion-pound investment conversations whilst the transfer clock ticks. How FSG respond to that pressure — and how quickly Iraola gets the players he clearly needs — will define what kind of season Liverpool are building towards.

Chicago is just the start. The real questions will be answered when the window slams shut.