Liverpool investors secure 'powerhouse' £32m deal that will see FSG link with Man United legends

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In a striking example of how small the world of sports business and media is becoming, one of Liverpool owners FSG’s biggest names has just acquired the rights to a piece of Man United folklore.

Fenway Sports Group (FSG) bought Liverpool for £300m in 2010, installing the club as the Boston-based group’s only sports investment this side of the Atlantic.

FSG also own Major League Baseball and National Hockey League outfits in the Boston Red Sox and Pittsburgh Penguins respectively, as well as stakes in the PGA Tour and NASCAR franchise RFK Racing.

Estimates vary and enterprise vale us ultimately subjective, but most reputable analysts have appraised FSG’s portfolio as one of the top five most valuable in all of sports.

Liverpool – bought for £300m, remember – probably account for more than £4bn of the total network’s value, meaning FSG could secure a staggering 13x return if they sold the club tomorrow.

Speaking to TBR Football earlier this year, Liverpool University football finance lecturer and Price of Football podcast host Kieran Maguire said FSG’s investment in Liverpool is “the bargain of the century.”

FSG have already recouped a large chunk of their investment via the sale of a tiny chunk of equity to Dynasty Equity in September last year.

The specifics of that deal are not known, but the minority investment in Liverpool did lead many curious fans to investigate the ownership structure of FSG.

Like almost all corporation of its size, even the most cursory glance at the ownership diagram whose tentacles stretch into nearly all areas of the sports and media landscape.

And the latest venture from FSG’s most famous investor is emblematic of the increasing business overlaps between sports, media and football stars past and present.

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LeBron James forms link with company behind ex-Man United stars’ Class of 92

As well as an NBA legend, LeBron James is a successful investor, particularly alongside business partner Maverick Carter.

James acquired a two per cent stake in Liverpool roughly a year after FSG bought the club, which he has since converted into to a minority stake in FSG itself.

Last year, James increased his stake in FSG as part of a lifetime investment deal, while fellow FSG co-investor RedBird Capital also hold a small stake in James-owned production company SpringHill.

In the last 24 hours, SpringHill have completed a merger with a group called Fulwell73, who will provide £32m worth of capital as part of the deal.

Incidentally, the UK production company was behind the 2013 documentary film The Class of 92.

The film charted the rise of David Beckham, Ryan Giggs, Paul Scholes, Phil and Gary Neville, and Nicky Butt through the academy or Liverpool’s arch-rivals Man United and beyond.

Fulwell have also produced The Late Late Show With James Corden and The Kardashians, as well as live music events for the likes of Adele.

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The Todd Boehly link: How Liverpool, LeBron James and Chelsea are connected

Here, things get even more complicated – but the Fulwell-SpringHill deal also lays bare a link between Liverpool and Chelsea.

Fulwell is owned by the private equity firm Eldridge Industries, who are also the owners of LeBron James’ NBA team the Los Angeles Lakers.

Eldridge Industries is owned by Todd Boehly, who co-owns Chelsea and the Los Angeles Lakers.

It’s all above board and wouldn’t get anywhere close to triggering the Premier League’s conflict of interest rules.

But it does show just how tight the various ownership Venn Diagrams are getting.