A new manager, three signings, and some serious questions

Andoni Iraola has been handed the keys to one of football's most scrutinised jobs, and the early signs in the transfer market haven't exactly set pulses racing on the Kop. Jeremy Jacquet, Victor Munoz and on-loan defender Ronald Araujo represent the sum total of new arrivals since Iraola stepped in to replace Arne Slot this summer. For a squad losing the experience and sheer quality of Mohamed Salah, Ibrahima Konate and Andy Robertson, that's a considerable amount of ground to make up before a ball has been kicked competitively.

Former Liverpool striker Emile Heskey hasn't been shy about saying what a lot of supporters are thinking. "Liverpool's transfer activity hasn't been great so far," he said. "They've brought a new manager in, but they haven't equipped Andoni Iraola with the right tools to say 'go and have a go'." It's a fair challenge. A new head coach needs to feel the backing of his club, and three arrivals, one of them a loan, doesn't quite scream all-in.

Barcola, Bhatia and Bezos: the bigger picture taking shape

There is movement, at least. Talks are ongoing with Paris Saint-Germain over the potential signing of Bradley Barcola, a double Champions League winner who Heskey believes would be a statement addition. "Bradley Barcola would be an outstanding signing; he's a really exciting player, to the point where you're making comparisons to Sadio Mane," Heskey said. High praise, and not without merit given Barcola's trajectory. Liverpool aren't chasing him blindly either, Heskey was quick to acknowledge that the club follow their process, with a committee in place to ensure the right people come through the door rather than simply reacting to whoever is in form.

There's also the not-so-small matter of Curtis Jones, with Inter reportedly still keen on the midfielder after having two bids knocked back. Exactly what that means for Jones's future at the club isn't yet clear, but it's a thread worth keeping an eye on as the window progresses.

Why the 1892 Holdings deal could reshape Liverpool's ambitions

Here's where the story takes a genuinely significant turn. Liverpool confirmed last week that they have agreed to sell a 30% stake in the club to a consortium called 1892 Holdings, led by former Queens Park Rangers director Amit Bhatia and including Amazon chief Jeff Bezos and Facebook co-founder Eduardo Saverin. The deal is believed to be worth around £1.4billion, a number that reframes the entire conversation about what Liverpool can and cannot do.

Heskey's reaction to that news was telling. "This deal could take Liverpool to another realm they haven't been to in a while, in terms of structure and being able to do what they want, when they want," he said. "For a club of their size, it's unreal." He was careful to frame it as structural progress rather than a spending free-for-all, drawing comparisons with the way Brighton, Bournemouth, Brentford and Arsenal have built intelligently rather than recklessly. "Liverpool have got to a point where they can spend £100m or more on a player because they have built a business that works," he added, contrasting that stability with clubs whose financial foundations are shakier.

If Heskey is right, then the relative quiet of this summer's transfer activity might look very different in hindsight, the calm before a new era rather than a missed opportunity. Iraola will be hoping so, and the next few weeks in the market could tell us a great deal about which direction this club is really heading.