What has happened?
A consortium led by Amit Bhatia, the former co-owner of Queens Park Rangers and son-in-law of the Indian steel magnate Lakshmi Mittal, has opened talks with Liverpool’s owner, Fenway Sports Group, over buying a significant stake in the club. Neither party has commented on the size of the stake or the investment amount being offered but it is believed to be a provisional offer of £1.35bn for about 30%. Discussions began three months ago but FSG insists the talks remain at a preliminary stage.
Where does this value Liverpool?
The reported offer values Liverpool at about £4.5bn. Manchester United were valued at slightly less when Sir Jim Ratcliffe bought an initial 25% stake in February 2024, increased to 27.7%, although the latest valuation of United by Forbes was $7.2bn (£5.38bn). Forbes, again, had Real Madrid as the most valuable club in the world at $9.5bn, with Barcelona in second place at $7.5bn. Todd Boehly and Clearlake Capital acquired Chelsea for £4.25bn in May 2022 as a distressed asset sale after the Russian oligarch Roman Abramovich was sanctioned by the UK government.
Why would FSG potentially want to sell a minority stake?
First of all, £1.35bn for 30% of Liverpool would represent a healthy profit on a club it bought for £300m in 2010 and whose value has soared since. And the principal owner, John W Henry, is a venture capitalist, after all. But it is also true that FSG remains fiercely competitive and to continue challenging among an elite that includes oil-rich states necessitates ever more investment. That is why FSG has sought, and occasionally found, new investors before. The current talks are not considered part of an exit strategy by Liverpool’s owners but a potential opportunity to attract considerable funds while remaining in overall control. The company has parked plans to buy a second club – a decision that led to Michael Edwards’s recent departure as FSG’s chief executive of football – and last summer funded the biggest transfer outlay in Liverpool’s history of almost £450m. To maintain and improve those levels, having made only a modest profit of £8m when winning the Premier League title under Arne Slot in 2024-25, requires injecting fresh capital into the club.
Have we been here before?
Several times. In March 2021, FSG sold 10% of the company to RedBird Capital Partners for £543m. In 2022, FSG hired the investment banks Goldman Sachs and Morgan Stanley to seek out potential buyers for a 10% stake in Liverpool. No deal was done and Henry confirmed the following year that FSG was always open to new investment but not looking to sell the club. In 2023, FSG sold a reported 4% stake in Liverpool to Dynasty Equity, an American sports investment company, for £164m. That money was largely used to pay off debts incurred during the pandemic.
Who are the potential investors?
Bhatia, who stepped down as co-owner and director of QPR on Tuesday after 18 years, is believed to have secured financial backing from Mittal. The Mittal family wealth is estimated to be £23bn. Those riches pale in comparison, however, with another potential investor – Amazon’s founder, Jeff Bezos. The fourth-richest person in the world could afford to buy Liverpool outright and still have $250bn left in his back pocket. Bezos has been approached about joining the consortium but is reportedly undecided on whether to invest in a Premier League club for the first time. Bezos is no longer chief executive of Amazon but is executive chair of a company that has expanded from online retail into entertainment and sports rights, including for Premier League games, in recent years.
What would it mean for Liverpool’s finances?
Even without Bezos on board, the consortium’s proposed offer would improve Liverpool’s capital considerably as the club begins a new era under Andoni Iraola. How much say and sway Bhatia and others would have over Liverpool’s football operations remains to be ironed out. With the FSG president, Mike Gordon, returning to a more prominent role at the club after Edwards’s exit, it seems unlikely that Liverpool’s owners would follow the Glazers’ example with Ratcliffe at Manchester United and grant a minority shareholder full control on the football side. Given talks are only at a preliminary stage, Liverpool’s transfer plans for this summer are not expected to be affected.
What happens next?
Talks continue until a deal is done or collapses. FSG’s willingness to confirm Bhatia’s bid in a statement to the Financial Times on Tuesday, and Bhatia’s departure from QPR that very same day, indicates negotiations are heading towards a successful conclusion.
