Since the Deloitte Football Money League 2021 revealed Liverpool have overtaken City by a small margin for 5th placed highest revenue, I suppose the test will come in the summer.
City do need to spend on a CF and finding Aguero's replacement wont come cheap. Mendy could be moved on(he's had 4 years) and Fernandinho might think it's one season to many at this level which would leave us too reliant on Rodi for that role.
Liverpool look like the need to spend in a number of positions for squad depth. Defence and upfront.
It's all well and good saying FSG don't take a penny but if the club is making just as much and not spending it,when they need to just as much: What other reason could it be, than the owners not allowing the club to spend it?
It's not just keeping up with City they have to worry about. United have spent a billion in 7 years and they still haven't finished their current rebuild(how long have they been building this one?). They will look to add another top CB to pair with £80m Maguire and possible use Cavani as an excuse to justify the outlay on a new top CF to challenge Rashford. Chelsea will spend again if they need to as well.
Neither City or Liverpool would want them clubs to close the gap too much. Even though the broadcasters would love it.