Arne Slot made the admission in his pre-match press conference on Tuesday that if Liverpool were to miss out on Champions League football, the financial ramifications would be steep.

This is hardly revelatory, but a stark illustration of the Anfield side’s current predicament all the same. The champions have only won six of their past 20 Premier League matches, but it can’t go on like this, can it?

It can. Liverpool have not shown that they have the capacity to overcome this decline and return to title-winning fluency – or even Champions League-qualifying form. In fact, this decline has gone on for some time, with much of 2025 yielding lesser results than the Reds would have expected.

Even so, FSG have remained steadfast in their support for Liverpool’s head coach. Slot is under staggering pressure, but his job is not currently under threat. That might sound contradictory, but the owners are simply not ready to throw in the towel for their carefully-picked appointment, who still has some credit in the bank after leading the Reds to the league title last year.

That credit is dwindling fast, though, with Xabi Alonso‘s current period of unemployment hanging over the Dutchman.

The latest on Liverpool’s interest in Xabi Alonso

Alonso has been a free agent since parting with Real Madrid at the start of January, his short-lived tenure in the Spanish capital lacking any of the clarity and conviction that came alongside riches in Germany with Bayer Leverkusen.

Still, Alonso remains one of the most talented and intelligent young coaches in the game, and given that Liverpool considered him as a replacement for Jurgen Klopp before landing on Feyenoord’s Slot, it’s not surprising that rumours have surfaced regarding a possible move to the Anfield dugout.

However, a whole host of outfits are starting to get linked with the 44-year-old, Tottenham among them.

Liverpool would be wise to have a back-up, especially if Michael Edwards and Richard Hughes are determined to persist with the man in the dugout for now.

Should push come to shove, though, Paris Saint-Germain manager Luis Enrique sits high up on FSG’s shortlist, with reports at the end of 2025 claiming the Spanish coach has emerged as Liverpool’s top target.

The 55-year-old’s current deal runs until the end of next season, sparking plenty of rumours regarding his future in the Spanish capital.

Manchester United have a vested interest of their own, and given their dramatic change in trajectory, Liverpool will want to move quickly to ensure they win the race.

Why Luis Enrique would be perfect for Liverpool

Back in 2013, Enrique said, “I’d like to manage in England one day.”

He speaks the language fluently, and he has won countless trophies with Barcelona and PSG, the mastermind behind the historic quintuple of 2025.

Enrique had arrived in Paris in 2023, having been out of work since leaving Spain. Despite rejecting Man United and with whiffs of Man United interest surfacing of late, Liverpool must recognise the rare chance to move for one of Europe’s elite while the cards are in play, especially since French sources are adamant that he will end up penning a new contract at the Parc des Princes.

A clever tactician who operates with slightly looser parameters than someone like Alonso, Enrique is still worth his salt, expertly reshaping PSG into a force to be reckoned with, so clearly ahead of all their rivals last season.

Enrique sides are typically stylish and purposeful on the ball. They will dominate possession, yet maintain pressure on defences and not just drift out, retaining the ball.

This has been a problem for Liverpool this season, whose ball-focused system under Slot’s wing has failed to equate to creative returns.

Alonso could change that, especially when considering his previous success in the Bundesliga with Florian Wirtz as his chief playmaker, but the one-time Kop hero’s struggle at Real Madrid does illustrate the peril of bringing him over to one of the most scrutinised jobs in world football at Anfield.

Enrique, of course, has been there and done that, two European trebles under his belt and a reputation as “the best manager in the world“, according to renowned journalist Julien Laurens (at the very least, he is in that ballpark).

It’s also worth considering the success he has had with forwards, fashioning Ousmane Dembele into one of the finest forwards in the world, the recipient of the 2025 Men’s Ballon d’Or gold prize.

When considering the plight of a striker like Alexander Isak, British record signing from Newcastle United last summer, you can understand why FSG might be keen on Enrique, with the individual brilliance of Hugo Ekitike standing as an outlier in terms of Liverpool’s overall attacking success and sharpness this season.

And while Alonso knows Wirtz already, it’s hardly as if Enrique wouldn’t know how to get the best out of the tricky German playmaker.

Ultimately, Alonso took a risk when moving to Real Madrid while still at the beginning of his young coaching career. He will go on to achieve great things, no doubt, and perhaps one day will manage Liverpool toward illustrious heights.

However, Liverpool spent £450m last summer, and given the disastrous nature of the ongoing campaign, they cannot afford to slip up again.

They need instant, fortune-shifting results, and who better to lift the club out of their rut than Enrique, whose managerial qualities have seen him lead several clubs to glory of the highest standard. Liverpool might just be next.

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