Isak and Ekitike - what has gone on this week?

Alexander Isak scored 23 league goals last season for Newcastle while Hugo Ekitike found the target 15 times in the Bundesliga

Liverpool are set to sign Eintracht Frankfurt striker Hugo Ekitike, and it looks as though Newcastle are going to keep star man Alexander Isak.

But earlier this week things appeared to be heading in another direction as Liverpool set off in the pursuit of Isak, and Newcastle tabled a £70m offer for Ekitike.

Even in the frenetic world of football transfers, this story has moved at a rapid pace.

BBC Sport looks at what has happened over the past 72 hours.

The starting point of Liverpools move for Ekitike came at the end of last season.

Theyd just lifted their second Premier League trophy, scoring 86 goals in the process - the most of any top-flight club that campaign.

Mohamed Salah - their main source of goals - had just signed a new contract.

So there seemed little logic in spending heavily on a new goalscorer. But manager Arne Slot had other plans.

Among the recruitment priorities for Liverpool was the addition of a new number nine.

Slot had persisted with Darwin Nunez for parts of the season - but it is clear he wanted an upgrade.

Nunez could yet leave Anfield this summer, with interest from Napoli and Saudi Arabia.

Liverpools dream target was Newcastle striker Isak, who was also interesting Arsenal.

But given his importance to Magpies manager Eddie Howe, and a likely asking price that would be towards £130m, Liverpool knew they needed to source alternatives.

Sportings Viktor Gyokeres, RB Leipzigs Benjamin Sesko, Aston Villas Ollie Watkins and Brentfords Yoane Wissa were among the other forwards considered.

We now know their interest in Ekitike is as serious as their admiration for Isak.

Talk of Liverpools interest in Isak has been rife in industry circles throughout the summer. The emergence this week of an approach to Newcastle confirmed what many believed was coming.

However, in retrospect, that news arrived at a peculiar time.

Newcastle were trying to advance with their interest in Ekitike earlier this week, having a £70m offer rejected.

Less than 48 hours later, Liverpool have pivoted to Ekitike in a move that probably ends their immediate interest in Isak, while Newcastle are looking at alternatives that include Wissa.

Liverpools interest in Isak was - or rather is - entirely genuine. Newcastle, at least publicly, have maintained the Sweden international simply isnt for sale.

But for Liverpool to have stepped up their efforts to land Isak in recent days suggests they have had some private encouragement to the contrary.

Even if their decision to focus on Ekitike comes to fruition, you can expect Liverpools interest in Isak to remain.

The former Real Sociedad forward, as things stand, will enter the final two years of his contract next summer - a juncture at which Newcastle face significantly more jeopardy.

Of course, Liverpool - with or without Ekitike - may enter next summers transfer window believing they dont require another centre-forward.

But if they do, Isak is unlikely to be too far away from their thoughts.

Newcastle - should Ekitike join Liverpool, and with Gyokeres set to sign for Arsenal - will be confident of keeping the wolves from their door for at least during this window.

From a performance perspective, the merits of keeping Isak are clear - the 25-year-old is building a reputation as one of Europes elite centre-forwards.

But Newcastle are also fully aware of the optics attached to selling Isak, particularly when they have maintained he isnt for sale.

With the club back in the Champions League next season, the notion of selling any of their top players - Anthony Gordon and Bruno Guimaraes included - would nurture a negativity over the project the clubs Saudi ownership are trying to evolve.

Hugo Ekitike struck double figures in a season for the first time since 2021-22 when he nearly joined Newcastle from Reims

If Liverpool do sign Ekitike at Newcastles expense, youd imagine the Magpies will reflect on their decision to walk away from a £20m deal to sign the 23-year-old striker three years ago, only to then pivot and sign Isak.

Ekitikes emergence as one of the continents best young strikers has led to his value sky-rocketing. His asking price is part of the reason Newcastle have failed to sign the Frenchman in recent days.

Ekitikes rise to prominence has also resulted in Europes top clubs entering the equation.

When Liverpool come knocking its hard to ignore. His 26 goals in 47 appearances for Frankfurt has been enough for the Merseysiders to take the plunge in a deal that will cost in excess of £70m.

Liverpool sporting director Richard Hughes is aiming to have the deal for Ekitike closed by the end of the weekend, while Newcastles wait for a new striker moves on.

They are interested in Wissa, but it will be intriguing to see how Manchester Uniteds latest bid for Brentford team-mate Bryan Mbeumo impacts the Democratic Republic of Congo internationals potential move to St James Park.

Brentford are adamant they dont want to lose Wissa and Mbeumo this summer, particularly given the upheaval that has already impacted the west London club.

There are questions that still need answering for Newcastle - though those close to the club will tell you keeping Isak is the solution to most of their problems.

Newcastle have always made it clear their star striker is not for sale.

In fact, with Champions League football ahead this season, they do not want to part with any of their star names.

Like Liverpool, Newcastle - who are owned by Saudi Arabias Public Investment Fund (PIF) - are in a comfortable PSR position.

Isak has three years left on his contract, so the Swede would most likely have had to actively push for a move.

"Newcastle are under no pressure to sell from a PSR perspective," football finance expert Kieran Maguire told BBC Sport.

"The good news for Newcastle is that the losses of £73m in 2021-22 will drop out of the PSR assessment for the three years ended 30 June 2025.

"Newcastle had a pre-tax loss of £157m in the period to 30 June 2024.

"Losses for 24-25 are likely to be much lower, as increased commercial revenues, matchday income rising from cup runs, and higher broadcast revenues from a fifth-place finish in the Premier League will all assist the club, along with bonuses for qualifying for the Champions League next season.

"It therefore comes down to whether or not players want to leave. Newcastle had the eighth-highest wage bill in the Premier League in 2023-24. They certainly have the scope to go higher."