Liverpool owners Fenway Sports Group (FSG) have confirmed they have sold a 10% stake in their company to RedBird Capital Partners, the private equity firm owned by Los Angeles Lakers star LeBron James and manager Maverick Carter.
FSG were hit hard by the COVID-19 outbreak and quickly began looking for significant investment to ensure none of their assets, including Liverpool and MLB's Boston Red Sox, were impacted by the situation.
We’re excited to witness and be a part of the evolution of Fenway Sports Group. Join us in welcoming the newest members of the FSG ownership group: RedBird Capital, @KingJames @mavcarter https://t.co/8HxU14GxFp
— Fenway Sports Management (@FenwaySportsMgt) March 31, 2021
An agreement with James and RedBird was struck a few weeks ago, and FSG have now confirmed on their official website that a deal has now been completed to cover some of the club's debts and ensure Liverpool's development of the Anfield Road stand can continue.
“Our strategic partnership with [RedBird founder Gerry Cardinale] and the entire team at RedBird will enhance our ability to pursue future growth opportunities in a more accelerated way but with the same selectiveness that has served us so well," a statement read.
“We are also pleased to welcome to our ownership group LeBron, Maverick and Paul, with whom we have enjoyed a successful collaboration for well over a decade. Their addition is an important milestone for FSG and expands and deepens a longtime friendship and relationship that began in 2010.
“To our fans and supporters: winning continues to be the driving force for all of us. The growth of FSG as an organisation allows us to further strengthen our resources and commitment to the communities we serve, and we look forward to having these talented new partners join us in the next chapter of FSG’s evolution.”
As noted by The Guardian, the £543m investment from RedBird will not be pumped directly into Liverpool, so there will be no transfer war chest coming from this (and no Project Mbappe), but it should ensure that the Reds can now operate at pre-COVID levels.
It's more a case of ensuring Liverpool don't lose any of their financial strength, rather than giving them any extra power.
“Working with Fenway Sports Group for the past decade has taught LeBron and me so much about
the business on a global scale, and we’ve always believed it would lead to something bigger,” Carter said of the deal.
"We are proud to be part of this iconic ownership group and are excited about the opportunities that come with that to continue creating change and empowering people of every race, gender and background to be part of the process.”
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Source : 90min