Liverpool owner Fenway Sports Group (FSG) has confirmed that it has sold a 10% stake in its company to RedBird Capital Partners, the private equity firm owned by Los Angeles Lakers star LeBron James and boss Maverick Carter.
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FSG was hit hard by the COVID-19 outbreak and quickly began looking for significant investment to ensure that none of their assets, including Liverpool and MLB’s Boston Red Sox, were affected by the situation.
We are excited to witness and be a part of the development of the Fenway Sports Group. Join us and welcome 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 was reached with James and RedBird a few weeks ago, and FSG have now confirmed on their official website that an agreement has now been reached to cover some of the club’s debts and ensure that 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 improve our ability to drive future growth opportunities in a more accelerated way but with the same selectivity that has served us so well, ”read a statement.
“We are also pleased to welcome our owner group LeBron, Maverick and Paul, with whom we have had a successful collaboration for over a decade. Their addition is an important milestone for FSG and expands and deepens a long-lasting friendship and relationship that began in 2010.
James is now a partner in FSG | Michael Owens / Getty Images
To our fans and supporters: winning continues to be the driving force for all of us. The growth of FSG as an organization enables us to further strengthen our resources and commitment to the communities we serve, and we look forward to having these talented new partners join the next chapter in FSG’s development. ”
As noted by The Guardian, the £ 543 million investment from RedBird will not be pumped directly to Liverpool, so there will be no transfer war chest from this (and no project Mbappe), but it should ensure that the Reds can now work in advance – COVID levels.
It’s more about making sure Liverpool do not lose any of their financial strength, rather than giving them extra power.
“Working with Fenway Sports Group over the past decade has taught LeBron and me so much about the global business, and we’re always thought 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 to continue to create change and give people of all races, genders and backgrounds the opportunity to be part of the process.”
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