Joe Cole will reportedly earn over US$28 million after agreeing a four-year deal with Liverpool.
The England star was out of contract with Chelsea and eyebrows were raised when it was announced on Monday that Liverpool had won the race for his signature.
This is something of a bold move from the Reds who are in huge debt and will not be ring-fenced by the Champions League money this season.
But with no fee to pay Chelsea, they could afford Cole's excessive wage demands over four years. Had Chelsea been commanding a fee of US$28 million for the player, Liverpool would not have had a hope.
The signing will demonstrate to Steven Gerrard and Fernando Torres that Liverpool are aiming to quickly recover from last season's debacle when a seventh place Premier League finish saw them only qualify for the Europa League.
Neither player has committed his future to the Reds but such a signing will show the pair that an immediate return to the Champions League is the club's main ambition. That they beat off competition from Arsenal and Tottenham for his signature demonstrates the sort of intent that both players want to see.
At 28, Cole is a player who should be entering the peak years of his career and the prospect of he, Gerrard and new signing Milan Jovanovic playing behind Torres is a mouthwatering one for Reds' fans.
Yossi Benayoun may have gone to Chelsea but Liverpool have acquired a player who is a year-and-a-half younger and considered one of England's most technically accomplished players of the last decade.
A couple more signings of this quality -new manager Roy Hodgson is a shrewd operator in the transfer market- and Reds' fans will have reason to believe again.
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