Mohamed Salah will issue official update on this date as FSG 'emotionless' in Liverpool contract talks
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Mohamed Salah, an all-time Liverpool great, could leave the club for free this summer in what would surely be an inflection point for owners Fenway Sports Group.
FSG, the US sports and entertainment investment firm whose empire is worth nearly £15bn, have always been a divisive ownership regime on Merseyside.
Concerns about their motivations in football were there from the start but reached a crescendo in April 2021 when, under cover of darkness, they co-launched the star-crossed European Super League.
Such was the gravity of that aborted coup, it is easy to forget that, less than 12 months earlier, FSG had conspired with Man United on another attempt to restructure football, Project Big Picture.
Had either of those breakaways been successful, it is highly likely that Mohamed Salah would be earning far more than he currently does.
But FSG failed and, four years later, have had to content themselves with funding Liverpool’s wage bill via the Premier League and UEFA’s monster TV deals, worth £242m to the club in the last financial year.
Couple with their matchday and commercial income, Liverpool’s revenue was £594m at the last count.
Their wage bill, by far and away and elite club’s biggest expense, was 63 per cent of that figure at £373m.
| Club | Revenue (£m) | Wage Costs (£m) | Wages/Revenue Ratio (%) |
|---|---|---|---|
| Tottenham Hotspur | 549 | 251 | 46% |
| Manchester United | 650 | 331 | 51% |
| Arsenal | 464 | 235 | 51% |
| Manchester City | 718 | 423 | 59% |
| Brentford | 168 | 99 | 59% |
| Liverpool | 594 | 373 | 63% |
| Brighton & Hove Albion | 201 | 128 | 63% |
| AFC Bournemouth | 141 | 100 | 71% |
| Crystal Palace | 180 | 131 | 73% |
| Fulham | 181 | 139 | 77% |
| Leeds United | 190 | 146 | 77% |
| West Ham United | 239 | 187 | 78% |
| Chelsea | 512 | 404 | 79% |
| Newcastle United | 250 | 203 | 81% |
| Wolverhampton Wanderers | 169 | 142 | 84% |
| Southampton | 146 | 122 | 84% |
| Aston Villa | 212 | 194 | 92% |
| Nottingham Forest | 155 | 145 | 94% |
| Everton | 172 | 166 | 96% |
| Leicester City | 177 | 206 | 116% |
This financial context is part of the reason, alongside his 38 goal contributions in 28 games this term, that bedrock Liverpool fans in L4 and beyond are stupefied that the club would not bow to Salah’s demands.
But the voices on the Zoom call discussing the Egyptian King’s future aren’t Scouse, they are from Boston.
To understand FSG’s rationale, TBR Football spoke exclusively to Liverpool University football finance lecturer Kieran Maguire, a well-connected figure in the industry.
- READ MORE: Liverpool and Arsenal set for multi-million payout after FSG and Stan Kroenke win £99m battle
Why are FSG not giving Mohamed Salah what he wants?
Salah, 32, is believed to earn between £300,000 and £350,000 per week at Anfield.
With Liverpool one of the few teams for whom profitability is not a distant aim and PSR a non-issue, a pay rise over the next two or three years is certainly affordable for FSG.
However, the reason they have been so intransigent in their negotiations with the superstar attacker is more strategic than financial, explains Maguire.
“Liverpool are certainly in a strong position when it comes to PSR, but FSG are never worried about being near the limit because they don’t run he club in that way,” said the Price of Football podcast host.
“The reason we haven’t had settlements between the three players is because FSG don’t want to set a precedent that could be used as a bargaining chip that other players in three later years can use in future.
“FSG are also of the view historically that giving a player more than a one-year deal is an avenue they are not prepared to go down.
“They have seen what can happen what has happened at other clubs where suddenly a players legs have gone.
“Kyle Walker is a prime example 12 months ago, he was speedy Gonzalez. Now, he looks very vulnerable.
“They don’t want to risk giving a player a two-plus-one contract and then, after nine months, the player isn’t showing the same type of form as they have done previously and they are having to pay out £15-20m.
“From Liverpool fans’ point of view. Salah in particular has been magnificent this season, but FSG are completely emotionless when it comes to making decisions.”
Salah to announce earnings outside of Liverpool contract
Salah’s salary of around £15m per year is enormous in isolation but is only a fraction of his total earnings.
In Liverpool’s last set of contract negotiations with the Egyptian, his agent, Ramy Abbas Issa, revealed that brand deals, image rights and other investments means Salah earns £1m per week all told.
That, you would think, would be of interest to Liverpool fans if the difference between him staying at the club where he has become a legend or quitting for lucrative pastures new is a few measly millions.
Before 31 March, we will find out how much Salah’s non-football earnings have increased over the last financial year, with his UK-registered company set to file its accounts for public view.
Salah is inarguably the most powerful player in the Premier League when it comes to his global appeal, especially in Egypt and the wider Arab world.
He is a brand ambassador for the likes of Adidas, Gucci and Pepsi and image rights will be a major consideration in talks with FSG over any would-be new deal.
