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It all sounded so eerily familiar.

“We know it’s a risk,” said Nice president Jean-Pierre Rivere when he faced the media in the south of France on Friday afternoon.

“We know Mario’s past, but it is a risk that I am happy to take.”

Liverpool owe Rivere a debt of gratitude. He was the driving force behind a deal which finally allowed the Reds to draw a line under one of the most disastrous signings in their history.

Nice boss Lucien Favre shuffled uneasily in his seat alongside both Rivere and Mario Balotelli at the player’s unveiling as the coach confessed: “We do not really know yet where Mario is physically. But we will work on his movement.”

Yeah, good luck with that one.

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It’s a source of great relief to Liverpool that Balotelli is no longer their problem but how they came to sign the Italian in the first place remains nothing short of ludicrous.

In the summer of 2014 the Reds had just come within a whisker of winning the Premier League title, playing the most exciting brand of attacking football Kopites had seen for nearly a quarter of a century.

They also knew they were highly likely to lose their prized asset in Luis Suarez with the release clause which had been inserted in his new contract the previous December leaving them helpless to stop him from moving on.

When Barcelona firmed up their interest in the gifted Uruguayan frontman that June, the writing was on the wall. The Catalans claimed they paid £65million with the Reds adamant it was a £75million deal.

Either way there was both cash and time aplenty for Liverpool, who were back in the Champions League, to identify and secure the services of a world class replacement. It didn’t happen.

Their first choice would certainly have fitted the bill but Alexis Sanchez spurned the Reds advances and headed for Arsenal instead with the Chilean attacker telling Anfield officials his wife wanted the bright lights of the capital.

After that it was one long tale of woe. The £8.5million release clause of QPR striker Loic Remy was triggered but a move for the Frenchman then collapsed on medical grounds.

Next on their list was Swansea’s Wilfried Bony but his wage demands meant Liverpool didn’t pursue their interest.

Suddenly, they were making enquiries about the availability of stellar names such as Monaco’s Radamel Falcao, Paris Saint-Germain’s Edinson Cavani and Real Madrid’s Karim Benzema.

Nothing came off. There didn’t seem to be a coherent plan. It was all horribly scattergun.

With the September 1 deadline looming and Liverpool fast running out of options, Brendan Rodgers was given a choice - Balotelli or free agent Samuel Eto’o. With Eto’o 34 and a long way past his best, Rodgers went for the younger man.

Just 18 days earlier, the manager had told reporters at Miami’s Sun Life Stadium: “I can categorically tell you Mario Balotelli will not be at Liverpool.” Away from the cameras, he was equally adamant it wouldn’t happen.

At the time he believed that but over the weeks that followed he had to lower his sights significantly.

Despite the various attempts since to shift blame, no members of Anfield’s transfer committee emerged well from that sorry episode.

Liverpool pressed on with the deal in the misplaced belief that at £16million (around half what AC Milan had been touting Balotelli around for earlier that window) it was a no-brainer.

The feeling was that if Balotelli knuckled down and realised his potential the Reds would have a £50million striker on their hands. And if he did play the fool there would always be another club willing to give Liverpool back what they paid for him.

Inserting behavioural clauses in the player’s contract, Rodgers believed he could succeed where the likes of Jose Mourinho and Roberto Mancini had failed and tame the Palermo-born frontman. He was wrong.

Liverpool signed a striker who was the polar opposite to Suarez in terms of work rate and movement. Balotelli never threatened to fit the bill and the folly of that deal was then laid bare by Daniel Sturridge’s subsequent injury problems.

Balotelli's lack of professionalism and commitment around the training ground was glaring. He was always first out the door.

That "calculated gamble" Rodgers spoke about was a panic buy at the back end of the window and a costly one as Liverpool this week happily let him go on a free transfer.

It was a similar story in January 2011 when Liverpool frittered £35million on Newcastle's Andy Carroll after selling Fernando Torres to Chelsea.

On both occasions the Reds sought a replacement for a Kop icon as deadline day neared and made a hash of it. If they couldn't find the right option they should have just sat tight.

As it was Carroll only started six games in the second half of the season after he signed, while Balotelli made just 14 starts in 2014/15. Liverpool effectively got by without them.

For all the moans and groans from fans about the club's failure to sign a new left-back this week, maybe lessons have been learned from the past.

If Jurgen Klopp really couldn't find a long-term option he was convinced about then better to wait than take a punt on someone he doesn't truly fancy.

Where Balotelli was concerned, Liverpool acted in haste and were left to repent at their leisure.