Liverpool are in the middle of a rebuild. Their new manager, Andoni Iraola, has barely had time to unpack his office before being thrust into a frantic summer transfer window. While the World Cup plays out in the United States, the club’s recruitment team has been working across time zones, securing their first signing and pushing hard for a second. The stakes are high: last season was a disappointment, and the squad needs major investment to compete again.
So what is happening? On 18 June 2026, Liverpool confirmed the signing of Spain winger Victor Munoz from Osasuna after triggering his €40m (£34.5m) release clause. The 22-year-old, who can play on either wing, has signed a six-year deal. The fee will be paid in two instalments. Munoz is currently at the World Cup with Spain, and Liverpool sent staff to the United States to conduct his medical on Wednesday. He becomes Iraola’s first recruit since replacing Arne Slot as head coach earlier in June.
“Explains Liverpool's summer 2026 transfers under new boss Andoni Iraola”
Barely a day later, reports emerged that Liverpool had told RB Leipzig they would pay a package worth around €100m (£86m) for 19-year-old Ivory Coast winger Yan Diomande, who is also at the World Cup. Diomande scored 12 goals and provided eight assists in the Bundesliga last season. However, Leipzig want more than that figure, and have no desire to let him leave this window – unless a package in excess of €130m (£112m) changes their stance, especially if Diomande performs well at the tournament. Paris St-Germain are also interested but have yet to make an offer, leaving Liverpool in pole position. The Standard reported that Liverpool’s initial €100m bid has been rejected, and that the club are looking for a long-term replacement for the departing Mohamed Salah.
This activity is set against a turbulent backdrop. Last season, Liverpool finished fifth in the Premier League with no trophies, leading to Slot’s dismissal. Iraola was hired from Bournemouth to revive the team. The squad’s attacking line and defensive additions made under Slot largely failed to meet expectations, so significant investment is now expected. The Mirror also suggested that if Diomande’s signing is confirmed, Liverpool’s next target could be Ayyoub Bouaddi.
Why does this matter for UK readers? Liverpool are one of the most supported clubs in the country, and their transfer strategy shapes the Premier League landscape. A successful rebuild could return them to title contention, while failure might see them fall further behind Manchester City, Arsenal and others. The pursuit of Diomande – a teenager with a high ceiling – signals a shift towards younger, high-potential players, while the Munoz signing addresses immediate needs on the wing. The involvement of Real Madrid – who retained a 50% sell-on clause on Munoz and had matching rights – shows how intricate modern transfers have become, with sell-on clauses and release clauses affecting fees.
Here are some key questions answered:
Q: Who is Victor Munoz? Victor Munoz is a 22-year-old Spanish winger who can play on both wings. He came through Barcelona’s La Masia academy, then joined Real Madrid, making two brief substitute appearances, before moving to Osasuna in July 2025 for €5m. He scored seven goals and produced five assists in 36 appearances last season. He made his international debut in March 2026 and is part of Spain’s World Cup squad. La Liga expert Phil Minshull described him as “one of the pearls of Spanish football”.
Q: Why are Liverpool spending so much on Yan Diomande? At 19, Diomande is already a Bundesliga star, with 12 goals and eight assists last season. He is seen as a long-term replacement for Mohamed Salah, who is expected to leave. Liverpool’s initial offer of around €100m (£86m) was rejected because RB Leipzig want more, possibly €130m (£112m) or higher if he impresses at the World Cup. Liverpool are in pole position ahead of PSG.
Q: How does the new manager Andoni Iraola affect transfers? Iraola replaced Arne Slot after Liverpool finished fifth. His appointment accelerated the Munoz deal, with the winger choosing Anfield after interest from Newcastle, Manchester United and others. Iraola will now shape the squad for next season, with further additions expected.
What happens next? The immediate focus is on Diomande. His performances at the World Cup could drive up his price, and Leipzig may be forced to sell if an offer exceeds their valuation. Meanwhile, Liverpool will continue to work on other targets, with Ayyoub Bouaddi mentioned as a potential third signing. The transfer window remains open until the end of August, so there is time – but the club is moving fast to give Iraola the tools he needs.