Jamie Carragher questions Liverpool's transfer decisions after Wednesday's 3-2 defeat to Fenerbahce in the Champions League

Jamie Carragher believes Liverpool's 3-2 Champions League loss to Fenerbahce highlighted the imbalance of Andoni Iraola's expensively assembled squad.

And legendary Reds defender Carragher, who made 737 appearances for the club, says the improvements made by academy graduates Rio Ngumoha and Trey Nyoni should prompt reflection from the the hierarchy about how they have spent since the summer of 2025.

Liverpool were the biggest net spenders during the Premier League's 2026 summer window, despite only signing three players permanently in Bradley Barcola (£123m), Jeremy Jacquet (£60m) and Victor Munoz (£34.5m).

The outlay came 12 months after the club plundered around £440m on new additions for Arne Slot, including the £116m and £125m deals for Florian Wirtz and Alexander Isak.

Carragher admits he is concerned about how the resources have been apportioned at Anfield in the last two summers, highlighting the progress of Ngumoha and Nyoni as reasons that further expose the big-spending strategy.

"I think [the defeat to Fenerbahce] just reinforces to supporters that the squad Liverpool have got is very expensive but not as good as it should be and not as balanced as it should be," Carragher told CBS.

"And when you think of some of those players that have come in, what is a little worry for, not so much the manager (Iraola) but the people who run the club.

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"I spoke about Trey Nyoni being the best player for Liverpool. Well him and another younger player, Rio Ngumoha, were the best players for Liverpool. And they were also a week or so ago against Chelsea (in the Carabao Cup).

"But they also play in a position where Liverpool have spent big money on players to come in. So Barcola was £123m. He played up front tonight, didn't play well, but the younger player (Ngumoha) is playing better than him.

"And in Trey Nyoni in midfield, Liverpool haven't spent expensively on a player as such but they have given big contracts this summer to Ryan Gravenberch - who was left out against Arsenal at the weekend for Trey Nyoni - and Dominik Szoboszlai, who played tonight and didn't play particularly well.

"Listen, it doesn't matter the figures (Gravenberch and Szoboszlai are on) but you can imagine the type of figures they are on.

"When a young player in midfield is playing ahead of them, that causes a problem then, basically, about where you've spent your money basically. It means you haven't spent your money well enough."

Liverpool return to action when they are hosted by Crystal Palace on Sunday afternoon.