Liverpool do have the funds to make a January transfer addition this month - with their reluctance to do so more down to a strategic, calculated gamble than having no money available to spend.
That is what football finance expert Kieran Maguire has outlined amidst scrutiny over the decision by Liverpool, their recruitment team and FSG to put off spending on new players until the summer transfer window, despite their injury crisis.
"Liverpool do have the ability to go out and buy a player - that, for me, there is no doubt," Maguire told the ECHO on a special Bood Red podcast.
"They have been hit by Covid, as have every other club, but if we look at the European market, transfer prices have fallen by a third across UEFA’s borders.
"The driving issue is that Jurgen Klopp will look at the solving it in a few month’s time and if you are spending £40-50m on a central defender, then it could be a case of trying to squeeze four players into three positions, or three into two, with can lead to dissatisfaction."
Failing to secure a signing, though, this month, in the eyes of many Liverpool supporters and commentators, could put at risk their ability to challenge at the top end of the Premier League and go far in the Champions League, having already exited the FA Cup.
For a club like Liverpool, getting back into Europe's top competition next season for just the fifth consecutive campaign is an absolute must, but they have lost ground in that race in recent weeks, with a tricky run of fixtures to come.
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"Qualifying for the Champions League [this season] is far more of a critical issue [for Liverpool] than winning the Premier League," Maguire explained.
"We saw in 2019 when they won it, it was worth more than £100m in TV money and they had seven home games at Anfield which is another £30m, plus bonuses from sponsors.
"Top four is essential for a club like Liverpool and that will be the focus - Klopp has hinted at that in some of his recent interviews."
Liverpool have certainly not given up hope of retaining their Premier League crown, though they do find themselves seven points behind Manchester City, who are threatening to pull away at the summit.
Getting back into the Champions League though - and securing that £130m that it could bring them next season - is the absolute minimum requirement.
As much as Maguire does not believe that Liverpool cannot spend to help that happen, it must also be pointed out that the Reds' long-term strategy of only purchasing the perfect players is one that has paid off in recent years.
"Investing in players always has benefits in the sense it can reinvigorate the squad but it comes with financial costs," Maguire concluded.
"There are players who are surplus to requirements elsewhere at the moment and loan signings would work. But you have to ask why those players are not getting first-team football elsewhere?
"If they are not getting minutes around Europe or the Premier League, would they actually be an upgrade as far as Liverpool are concerned?
"A loan to the end of the season is affordable and feasible - but Klopp likes football a certain way.
"Would the player be able to adapt quickly enough to make an impact before the end of the season?"
Those are the questions that Liverpool must answer - and indeed already have, given their transfer stance.
Liverpool do have less funds than some of the other top clubs, but, according to Maguire, could make a signing this month if they chose to.
Not doing so will invite even more scrutiny, but only time will tell as to whether or not the gamble pays off.
