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Liverpool will not receive £18m from Barcelona when Philippe Coutinho completes his move to Bayern Munich.

The ECHO understands that reports in Spain on Saturday morning claiming that the Reds would receive the full €20m loan fee are wide of the mark.

Liverpool are owed just €5m from Barcelona, having already received €155m from the Catalan giants for the transfer of the Brazilian playmaker, who made the switch from Anfield to the Camp Nou in January 2018.

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The deal now looks to be one of the best negotiated in Liverpool's history, with the Reds receiving the biggest transfer fee ever paid to a Premier League club and Jurgen Klopp's men going from strength-to-strength in Coutinho's absence.

Coutinho has struggled at the Camp Nou, despite scoring 21 goals in 76 appearances for the club, and has reached an agreement with Bayern for a season-long loan at the Allianz Arena.

Sporting Director Michael Edwards' work has been lauded after it was revealed that he'd also managed to strike a deal that effectively prohibited Barcelona from re-entering the market for any more Liverpool players until the summer of 2020.

In November last year, the ECHO reported that Edwards insisted that a €100m (£89m) premium be placed on any Reds player the Catalans wanted.

Those terms meant Barcelona were hugely unlikely to return to the table for the likes of Mohamed Salah, Virgil van Dijk or Roberto Firmino.