For Liverpool: A consequence of a stunning summer spending spree. The Reds are so well-run by Fenway Sports Group (FSG) that they don’t have any Profit & Sustainability Rules (PSR) concerns, meaning their £265m outlay on the likes of Hugo Ekitike and Florian Wirtz hasn’t put the Reds in any financial peril whatsoever. However, it’s clear that they’re not done yet. Liverpool clearly want to add Alexander Isak to their attack, too - and for a British-record fee. Selling Diaz, then, makes perfect economic and sporting sense. Diaz was one of Arne Slot’s best players last season, and is a popular member of the dressing room, but it’s been clear for some time that he was open to leaving Liverpool, who have managed to make a massive profit on their €45m signing from Porto. Admittedly, the Reds are losing their most effective dribbler over the past three-and-a-half years and Diaz’s versatility proved invaluable last season, but, truth be told, he was no longer really required. Cody Gakpo proved a more potent option on the left wing last year, while Liverpool are likely to be ridiculously well-stocked at No.9 by the time the new season kicks off. As high-profile departures go, this is one of the most agreeable you’ll ever see. Grade: B+
For Bayern: A left winger at last! Bayern fans were starting to get a little nervous, after the club’s interest in Nico Williams and Bradley Barcola came to nothing. For a long time, it also seemed as if Liverpool had zero intention of letting Diaz leave. However, the Reds were merely standing their ground on the asking price, acutely aware of Bayern’s pressing need to strengthen the left-hand side of their attack. Consequently, the Bavarians were left with no choice but to bow to Liverpool’s demands. It has to be said, €75m is quite a lot of money for a 28-year-old winger whose end product often let him down at Anfield, and let’s not forget either that the last time Bayern bought a forward off Liverpool, it didn’t go well at all... However, Diaz is a couple of years younger than Sadio Mane when the latter arrived at the Allianz Arena and is coming off the back of the most prolific season of his professional career. Consequently, the Colombian should click very well indeed with Harry Kane & Co. and help cushion the enormous blow of losing the dribbling skills of Jamal Musiala for a significant chunk of the 2025-26 season. Grade: B
For Diaz: The new challenge he wanted. Diaz enjoyed his time at Anfield, but he was clear about being open to a transfer - though he didn’t publicly push for one whatsoever. He even admitted that if he weren’t to secure a move this summer, it would be no problem at all. However, this is undoubtedly the outcome that Diaz and his family were hoping for, as they’ve managed to leave Liverpool on the best of terms. He contributed 13 goals and five assists to last season’s Premier League title triumph - which played a pivotal part in him earning the Reds such a fantastic fee for his services. Consequently, he departs with the best wishes of the club and can now look forward to another exciting chapter in his career. The big surprise, of course, is that Diaz hasn’t ended up at Barcelona, as that was clearly the dream move as far as both he and his father were concerned. But the Blaugrana’s financial issues obviously made that transfer impossible. Diaz is nonetheless joining one of Europe’s elite and should walk straight into a team more than capable of challenging for next season’s Champions League. Grade: B+