Liverpool and FSG could be hit hard if Uefa are successful in replacing financial fair play with a more relaxed system of spending regulation.

That is according to finance guru and Football Insider columnist Kieran Maguire, speaking exclusively after Gazzetta dello Sport first broke news of potential FFP reform on Wednesday.

The current system allows clubs to post losses of no more than £35m in a rolling three-year period, and £31.1m of that shortfall must be covered by an owner.

Liverpool owner John W Henry has bowed to supporters' pressure and frozen season ticket prices

Liverpool have earned a reputation as savvy operators in the transfer market in recent years, spending efficiently and only after extensive data-based research.

Maguire explained that FSG’s business model does not lend itself to this mooted new system and that Liverpool could suffer if it was introduced.

He told Football Insider correspondent Adam Williams: “There’s no doubt that if you take a look at Liverpool’s spending in recent years, it’s not as dramatic as, say, Man City. They have on occasion spent big when it’s been necessary on players such as Van Dijk, Alisson etc.

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“FSG’s business model is to try to break even on day-to-day activities and making profits from player sales.

“If FFP restrictions are limited, it’s going to cost Liverpool more money to sign players and pay the wages that agents would be anticipating for their clients. That is more likely to lead to operational losses.

“On the plus side, if Liverpool are selling players, that could bring in more money in terms of the calibre of players they are selling.

“It’s swings and roundabouts but Liverpool are definitely not one of the clubs who I would say would stand to benefit most from this. It would be a big blow to them.”

Liverpool have not yet posted their annual financial results for 2020.

They are expected to announce that revenues have dipped below the £500million mark, as revealed by Football Insider.

In other news, Georginio Wijnaldum has verbally agreed to join a new club upon the expiry of his Liverpool contract.