A consortium led by Amit Bhatia, the son-in-law of Indian steel magnate Lakshmi Mittal and former co-owner of Queens Park Rangers, has initiated discussions with Fenway Sports Group (FSG) over a potential minority stake acquisition in Liverpool Football Club. Although both parties have refrained from specifying details, the offer is understood to be approximately £1.35 billion for around 30% of the club. These talks, which began roughly three months ago, remain at an early stage according to FSG.

If completed, the transaction would value Liverpool at close to £4.5 billion. This figure positions Liverpool below the estimated valuation of Manchester United, which was deemed to be around £5.38 billion by Forbes following Sir Jim Ratcliffe’s purchase of a 27.7% stake in February 2024. By global standards, Real Madrid ranks as the most valuable football club, valued at $9.5 billion, followed by Barcelona at $7.5 billion. Liverpool’s potential valuation also compares to the £4.25 billion paid by Todd Boehly and Clearlake Capital for Chelsea in May 2022 under unique circumstances linked to the sanctions on former owner Roman Abramovich.

FSG’s interest in selling a minority stake aligns with its strategic goal to secure additional capital while maintaining majority control. The group originally acquired Liverpool for £300 million in 2010, making the proposed transaction a substantial return on investment. According to those familiar with the situation, the owners are focused on sustaining competitiveness amid a football landscape increasingly influenced by wealthy investors from oil-rich states and other sources. The club’s record transfer spending of nearly £450 million ahead of and during the 2024-25 season highlights the scale of financial commitment required to remain at the top level. The agreement to sell a minority stake is not seen as part of an exit plan but rather as a mechanism to inject fresh funds into the club’s operations.

FSG has engaged with outside investors on multiple occasions in recent years. In March 2021, it sold a 10% share in Liverpool to RedBird Capital Partners for £543 million. The following year, investment banks Goldman Sachs and Morgan Stanley were appointed to explore potential buyers for another 10% stake, but those talks did not materialize into a deal. In 2023, FSG sold around 4% of Liverpool to Dynasty Equity for £164 million, proceeds from which were largely used to address pandemic-related debts.

The current consortium is reportedly backed by the Mittal family’s extensive wealth, estimated at £23 billion. Amazon founder Jeff Bezos, ranked as the world’s fourth-richest individual, has also been approached to join the group but has yet to decide whether to invest in a Premier League club. Bezos’s business interests have increasingly included sports and entertainment rights, notably involving Premier League broadcasting.

Should the consortium’s offer proceed, Liverpool would significantly strengthen its financial position as it embarks on a new era under manager Andoni Iraola. The exact influence the new investors would have over football operations remains to be determined. Meanwhile, Mike Gordon, FSG president, is preparing to take a more active role at the club following a health-related hiatus, signaling the current ownership’s desire to safeguard their achievements on the sporting front. John W Henry continues as the principal owner of Fenway Sports Group.