Difficult away fixtures against Stoke and Spurs are followed by what on paper is one of the easier home games against Wolves. After that a trip across the park to our Blue Brethren is the prelude to the visit of United seven days later. If these games are navigated somewhat successfully and we remain in close touch with the leaders then heady early season optimism could turn into a more circumspect expectation of a title challenge.
Whatever the position at the end of this run the Utd game will coincide with the first anniversary of FSG/NESV’s takeover of the club. As the transfer window has now shut it is perhaps a good time to review what it is that they have achieved in that time. The circumstances of their takeover are well documented, as is the situation they inherited. The changes they have wrought in the spirit and atmosphere around the club are also clear for all to see and they have been distilled in the presence of Kenny Dalglish in the Liverpool dugout. If they had done nothing else but appoint Kenny they may well have gained the gratitude and approval of the majority of fans.
The remaking of the club, and the restoration of its self respect, however, have revealed them to be the kind of custodians that few would have thought possible when the club was being dragged through the courts last summer. Equally impressive, and encouraging, has been the manner in which they have been brought about the transformation. It has been achieved with a quiet dignity and without just throwing money at the problem, an approach that may lead to instant improvement but does not build a foundation for future stability.
John Henry and Tom Werner were at pains to acknowledge that they had a lot to learn about the club and the game in general when they signed the cheque to secure their purchase. They have, as they say in the States, been a “quick study”. With hindsight the willingness to move forward with the deal without full information was a harbinger of their approach to risk and the faith they hold in their own judgment.
It is this judgment and presence of mind that has enabled them to steady the ship and start it steaming forward again. This transfer window, and the previous one, has been a clear indication of the progress that’s been made not only in player recruitment but also in the way the club conducts its business. When the numbers are examined it is pretty clear that the net spend is very close to the £40m in annual interest payments needed to support the previous owners leveraged buyout so this is no sugar daddy operation. In the act of holding equity in the club rather than placing debt on it FSG have in many ways returned to the business model before Hicks and Gillett , with a major shareholder and many smaller stakeholders. This lack of exposure to the debt markets has facilitated a measured calm in their deliberations, a removal of the sense of desperation that engulfed the club under the previous regime. If the model may now be similar to that of David Moores the difference in approach and ambition is stark.
Faced with a club in potential freefall Henry and Werner prioritised the strengthening of the management of the club, promoting Ian Ayre and appointing Damian Comolli to his role of Director of Football. This structure has, of course, been attempted at clubs before, with Comolli having held a similar role at Spurs, but the combination of the Frenchman and Dalglish seems to have a symmetry that is highly effective. Neither man seems to have ambitions for the others role, and both appear completely confident and comfortable in their respective positions, two factors crucial if such a set-up is to succeed.
Again it is testament to the American’s judgment of character that in two transfer windows Dalglish and Comolli have between them rid the club of almost all the players who were clearly not of the required standard, brought in some exciting talent and introduced youngsters to the first team who look like they will be fixtures for years to come. This has been partially made possible by a further significant exercising of the aforementioned faith on the part of the owners. Comolli commented on it a week ago,
"It's difficult for me to put into words what they gave us throughout the summer, their support was absolutely tremendous, in the down times and in the up times. When they needed to invest money we didn't think they'd have to, John and Tom were unbelievably helpful. I think we are very lucky to have these owners because people need to realise a lot of owners would have said the squad is too big so you need to reduce it, and then when you've done that bring some players in.
But that was never the approach they had. They were happy to take risks, for us to spend the money, to support us and to trust us as well. I told them in the summer we need to buy players first and towards the end of the window there would be a lot of movement with players going out. They were very brave to accept that, having had no experience of a similar transfer window. From the outside it might be difficult to understand, but from my side their support was absolutely tremendous."
FSG, unlike Moores, have the access to funding to allow them to take these risks and it has created a situation where twice the club have extracted sizable fees at the 11th hour for big names deemed replaceable (Torres and Meireles) and held out for numbers they found acceptable for others (Babel and Ngog,). We may have seen the end of the days when as fans we could only lament that we always seemed to be chumps in the transfer market, buying high and selling low, paying inflated wages and continually getting stuck with ineffective squad players. If the transfer windows are a high stakes game of poker we now have owners and management who know how to play their hand. It’s a comforting thought that agents are now looking elsewhere for a soft touch.
Of course the catalyst for this improvement has been the appointment of Kenny Dalglish. Henry and Werner held their nerve during Hodgson ‘s tenure, not knee jerking into a replacement before they had got comfortable with the books and established a working relationship with Ayre and Comolli. No doubt they also spent the time behind the scenes getting to know Kenny rather than panicking about Hodgson’s apparent desire to prove himself in another relegation battle. While the pressure from disaffected fans grew the owners remained relatively sanguine, giving themselves room to make an informed decision. While Dalglish’s appointment now seems completely natural it carried high risks for the new owners. Had it not turned out well then they would have been faced with having to potentially dismiss the man whose iconic standing at the club dwarfs all others. Dalglish, in accepting the job initially as a temporary position, helped mitigate these risks but the environment of stability they provide must have given him a huge belief that the opportunity to return to unfinished business came with a fantastic chance of success. He emphasized his willingness to help the club in whatever capacity he could but Dalglish is a fierce competitor and the prospect of the club punching its weight again must have been irresistible. In return the enthusiasm and experience he brings is invaluable to FSG as they push the club forward.
So as Dalglish's team steps out at the Brittania stadium on Saturday they know they are representing a club that is unified, determined to succeed and has the pieces in place to deliver on its goals. In an era of player power and rampant egos perhaps Henry and Werner’s biggest achievement is to have reestablished a balance of power whereby the players are now challenged to meet the ambitions of the club and not the reverse. They have made it look remarkably easy.