FSG have done something that will spark 'fury' as £6bn Liverpool masterplan moves forward - finance expert

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After the aborted European Super League plot in 2021, Fenway Sports Group have been a less conspicuous presence at Liverpool.

Make no mistake, FSG’s fingerprints are all over the biggest calls at Anfield. The inspired decision to name Arne Slot as Jurgen Klopp’s successor, for example, or to re-appoint Michael Edwards as CEO.

And as many frustrated supporters will attest, Mohamed Salah, Virgil van Dijk and Trent Alexander Arnold’s contract situations is being orchestrated entirely by the Boston-based investment group.

However, John Henry, Tom Werner, Mike Gordon and Billy Hogan – FSG’s representatives on the Liverpool board – have largely stayed out of the media duties for the most part in the last few years.

Henry in particular has kept his head below the parapet, probably because of the backlash that followed the European Super League plot that forced him into an embarrassing video climbdown in 2021.

The Super League was breakaway attempt, which is still being pursued by Real Madrid and Barcelona, was an attempt to overthrow the established order within football.

At its core, the 12 rebel clubs formed the league simply because they wanted to make more money.

FSG have never taken any money out of Liverpool and, besides the £136m in shareholder loans for the redevelopment of Anfield in recent years that they will one day get back, have never put any in either.

Instead, their strategy is one of capital appreciation. In layman’s terms: buy low, sell high.

Liverpool’s revenue has already increased from £184m in 2009-10 when FSG bought the club to £594m in the last recorded financial year.

That is reflected in their enterprise value.

If FSG sold tomorrow, they would likely get a return greater than 10 times the £300m they paid to buy the club over a decade ago. According to Forbes, they are the fourth-most valuable club in the world.

Incidentally, the Liverpool takeover deal has been called the “bargain of the century” by football finance experts.

But FSG’s decision to sell a minority stake to Dynasty Equity in September last year indicated that they aren’t ready to cash on their investment just yet.

They think there is still more upside to be achieved, and the Super League project was one way they hoped to achieve that.

With that no longer an option, FSG are looking elsewhere for value. And recent developments have shown where the next big opportunity might be.

• READ MORE: Liverpool on course for £175m jackpot that easily funds Mohamed Salah and Trent Alexander-Arnold contracts

Premier League approve new streaming platform – Liverpool have been angling for it for years

Premier League shareholder meetings have become blockbuster events in recent times – for all the wrong reasons.

Most recently, the summit in London two Fridays ago saw two warring factions of clubs vote on changes to the league’s APT rules, which Man City have successfully challenged in the arbitration courts.

Liverpool gave evidence in favour of the Premier League in that case and, against City’s wishes, voted for the revised APT rules to be introduced immediately as opposed to after a further period of redrafts.

The drama at that meeting meant another piece of big news went completely under the radar – the unanimous decision to launch a Premier League media service for its international broadcast rights.

Essentially, this means the Premier League are ditching production-distribution partner IMG and will stream direct to consumers when the next rights cycle begins in 2026-27.

This is a seismic move. The Premier League generated more than £6bn from its international rights in the last cycle, which was more than the domestic rights.

Liverpool alone earned £242m in media revenue in the last financial year. And they think they can earn far more by cutting out the middle man.

Liverpool have wanted to sell their own media rights since at least 2020.

Documents seen by TBR Football show that a provision for clubs to stream eight matches direct to consumers was part of the 2020 Project Big Picture plot.

That proposal was authored by Liverpool, Man United and EFL chairman Rick Parry.

News that the Premier League will launch their own service in a few years time is one step closer towards being able to bypass Sky Sports and other broadcasters and charging fans directly to watch matches.

• READ MORE: FSG have created smokescreen as ploy for Liverpool to hit £100m target

IMG will be ‘furious’ after FSG vote for new media service

In the statement that accompanies the announcement, IMG were very magnanimous despite having one of their best products snatched away from them by FSG and their peers at Premier League HQ.

However, speaking exclusively to TBR, Liverpool University football finance lecturer and industry insider Kieran Maguire said they will be seething in private.

“You have got to give IMG a huge amount of credit for contributing to the global growth of the Premier League as a broadcast product.

“IMG are very much selling their side of the story, saying: ‘It’s been great to be part of it and all things must come to an end.’

“But privately, they will be furious.

“The Premier League has reached the stage of maturity where it wants greater control of the product.

“For those that aren’t familiar with the way international rights are marketed, it is not just the case where you have the choice of watching every game. Fantasy football is huge, for example.

“The opportunity for the Premier League to work with the likes of the Overlap and so on, to use the legends of the game as marketing tools in punditry. I think the only issue there is editorial control.”