I believe Wage Bill in this case is calculated as = Player amortization cost + Player Wages + Staff wages . Now amortization cost for players you mentioned (Fab/hendo/milner etc) is Zero since they are playing for the club for more than 4/5 years. Liverpool did bring in 4 new players with combined sum of transfer per transfermarkt website is 172 million Euro. This number is assumed to be a lot higher as there is also the additional signing fee that new players usually receive (ask Mbappe) plus Agent fees. Even discounting the last two parameters, the Amortization cost increased by 172 million divided by 4 years which is 43 million euros. Also the standard in Barcelona is for a players base salary to increase incrementally every year, I am not sure if that is true for Liverpool also, but there are reasons to believe that is actually what happens... Anyways, hope that accounts for the additional wages. FSG has always maintained that they do not take money from the club. The money they took is the loan repayment for infrastructure development.