Liverpool FC and Arsenal's £265million transfer spending shows new reality Man City face next season

Manchester City are riding higher than they ever have, winning the European Cup for the first time to secure the treble. That has unlocked the chance to win the UEFA Super Cup and FIFA Club World Cup, and the Blues finally have the trophy they have long desired.

Look online, though, and there is a degree of restlessness at the lack of transfer activity at the Etihad. Mateo Kovacic has come in, Ilkay Gundogan has left, and Declan Rice will join Arsenal.

"When we don't like a deal, we walk away and we don't panic," said CEO Ferran Soriano this week. As Pep Guardiola often reminds fans in the opening months of the season that titles are not won early on, City's bosses will say that transfer windows are not 'won' or 'lost' in the first week of July.

Look at City last season, who began the campaign without Manu Akanji or Sergio Gomez. Both arrived late in the window, and Akanji in particular proved essential in winning the treble. City won't be panicking at their transfer activity so far.

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However, a look around the Premier League shows that other sides are acting quicker to strengthen their squads. Liverpool moved swiftly to sign Brighton's World Cup winner Alexis Mac Allister on an initial £35m deal, and now look like taking their summer spend close to £100m with the expected arrival of Dominik Szoboszlai from RB Leipzig.

The Liverpool Echo and others report the Reds will trigger the £60m release clause for winger Szoboszlai to continue their attacking rebuild after Roberto Firmino's departure. They will be looking to avoid a repeat of last season's struggles and attempt to challenge for the title again.

Their early activity in the