This is designed as an accompaniment piece to my latest article for the LFC website, which I've submitted today. The explanations of the figures are in that article.
(I've updated the figures to include most of the well-known home-grown players from all teams, and added Zoran Tosic to United's figures; the Guardian said he and another player (Adam Ljajic) cost £17m as a double deal, so I took a figure of £9m as an estimate, even though he was the star name and therefore likely to have cost £11m or £12m, if the £17m is correct.
I didn't bother to calculate the cost of other squads, but feel fairly certain that none would cost as much as Liverpool's in 5th place. I'm guessing Villa's and Newcastle's cost a fair bit, and when I get time I will try to add them and Arsenal.)