{"id":182012,"date":"2025-06-13T20:49:12","date_gmt":"2025-06-13T20:49:12","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/182012\/"},"modified":"2025-06-13T20:49:12","modified_gmt":"2025-06-13T20:49:12","slug":"fsg-laying-foundations-for-12bn-masterplan-that-could-transform-liverpool-for-a-generation","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/182012\/","title":{"rendered":"FSG laying foundations for \u00a312bn masterplan that could transform Liverpool for a generation"},"content":{"rendered":"\n<p><strong>Liverpool owners FSG are many things, but sclerotic is not one of them. The Boston-based regime know that we live in an attention economy. Data and eyeballs \u2013 that\u2019s where the treasure is buried.<\/strong><\/p>\n<p><a href=\"https:\/\/tbrfootball.com\/topic\/fsg\/\" target=\"_blank\" rel=\"noopener\">FSG<\/a> bought <a href=\"https:\/\/tbrfootball.com\/topic\/liverpool\/\" target=\"_blank\" rel=\"noopener\">Liverpool<\/a> back in 2010. In their first season in charge, their three main revenue streams \u2013 broadcast, commercial and matchday income \u2013 stood at \u00a365m, \u00a377m and \u00a341m respectively.<\/p>\n<p>Fast forward 15 years and the picture has changed. We don\u2019t have their figures from 2024-25 yet, but <strong>TBR Football<\/strong> estimates based on conversations with <a href=\"https:\/\/tbrfootball.com\/topic\/football-finance\/\" target=\"_blank\" rel=\"noopener\">football finance<\/a> brains that broadcast income will total around \u00a3275m, commercial \u00a3350m, and matchday \u00a3110m.<\/p>\n<p><img decoding=\"async\" width=\"1024\" height=\"768\" loading=\"lazy\"  src=\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/06\/Liverpool-revenue-projections.png\" alt=\"Chart showing Liverpool revenue over the years with projections for 2024-25 and 2025-26, with TBR Football logo\" class=\"wp-image-952465\" \/>Liverpool revenue projections<\/p>\n<p>Credit: Adam Williams\/TBR Football\/GRV Media<\/p>\n<p>That will take total revenue beyond the \u00a3700m mark. They will be only the sixth club in history to have broken that barrier. <\/p>\n<p>No single spark caused the explosion in growth, but the <a href=\"https:\/\/tbrfootball.com\/topic\/english-premier-league\/\" target=\"_blank\" rel=\"noopener\">Premier League<\/a> and UEFA\u2019s extraordinary TV deals, worth around \u00a312bn and \u00a313bn over their respective rights cycles, have been the main drivers. Sponsorship income has soared off the back of that, with Liverpool able to promise potential partners that millions of eyeballs will be on their brands.<\/p>\n<p>That is why <a href=\"https:\/\/tbrfootball.com\/liverpool-tipped-to-make-350m-announcement-that-easily-covers-florian-wirtz-fee-and-wages\/\" target=\"_blank\" rel=\"noopener\">Liverpool can afford to sign Florian Wirtz<\/a> for a mind-melting \u00a3116m without any anxieties about Profit and Sustainability Rules (PSR) or indeed cold, hard cash. The fact that they were so restrained in the <a href=\"https:\/\/tbrfootball.com\/topic\/liverpool\/transfers\/\" target=\"_blank\" rel=\"noopener\">transfer market<\/a> last season helped too \u2013 that is one of FSG\u2019s best qualities: striking only when they are adamant that there is real value to be had.<\/p>\n<p><img decoding=\"async\" width=\"1024\" height=\"683\" loading=\"lazy\"  src=\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/06\/GettyImages-2217004953-1024x683.jpg\" alt=\"Liverpool owners John Henry, Mike Gordon and Tom Werner hold the Premier League trophy\" class=\"wp-image-957469\" \/>Photo by Carl Recine\/Getty Images<\/p>\n<p>And unlike many of their contemporaries, the Premier League champions don\u2019t rely on handouts from <a href=\"https:\/\/tbrfootball.com\/topic\/john-henry\/\" target=\"_blank\" rel=\"noopener\">John Henry<\/a>, Mike Gordon and their FSG deputies to compete in the transfer and wage market. Liverpool wash their own face.<\/p>\n<p>But all that said, Fenway Sports Group have only just about broken even in their 15 years on Merseyside. Factor in the \u00a3300m takeover fee and the \u00a3200m-plus that they paid to expand Anfield and they are actually significantly down on the deal. Why? Because while turnover has ballooned, so too have costs.<\/p>\n<p><img decoding=\"async\" width=\"1024\" height=\"768\" loading=\"lazy\"  src=\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/06\/Liverpool-squad-cost-vs-revenue.png\" alt=\"Chart showing Liverpool revenue vs squad cost, which is made up wages plus amortisation, with TBR Football\" class=\"wp-image-955581\" \/>Liverpool squad cost vs revenue<\/p>\n<p>Credit: Adam Williams\/TBR Football\/GRV Media<\/p>\n<p>Yes, FSG now own an asset which most analyses value at around \u00a34bn, but to be able to realise that value, they need to demonstrate the viability of the business to the next buyer. At some point, Liverpool \u2013 like every other football club \u2013 will need to be independently profitable, otherwise the value bubble will burst.<\/p>\n<p>And now, in a creeping development that has caused much hand-wringing in boardrooms throughout Europe, media revenue, for so long the golden goose of football investment, is slowing.<\/p>\n<p>Liverpool could suffer if Premier League doesn\u2019t change TV strategy, study says<\/p>\n<p>In 2024-25, Liverpool were the Premier League\u2019s most-watched team on television and in streaming.<\/p>\n<p>The club were also the most popular in the coveted commercial markets, Central America, South America, the Middle East and North Africa.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We are officially the most-watched team in the <a href=\"https:\/\/twitter.com\/premierleague?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@premierleague<\/a> so far this season as the Reds continue to break global audience records \ud83d\udcfa<\/p>\n<p>&mdash; Liverpool FC (@LFC) <a href=\"https:\/\/twitter.com\/LFC\/status\/1882070602795888805?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">January 22, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>View Tweet<\/p>\n<p>And yet, overall viewing domestic figures for the Premier League were down by up to 10 per cent on last season. The broadcasters themselves attributed this to a lack of jeopardy in the run-in as Liverpool sauntered to a 20th league title and the three relegated sides\u2019 fates were confirmed well in advance.<\/p>\n<p>And while those are undoubtedly factors, there have been concerns about the slowing growth of the Premier League\u2019s domestic TV deal for some time now.<\/p>\n<p>While the current \u00a36.7bn deal, which officially kicks in next season and lasts until 2031, is more lucrative than the previous iteration, the Premier League have had to lump in more matches as part of the package. On a per-game basis, the value is actually down on the previous rights deal.<\/p>\n<p>Why should Liverpool care? Because without growth in the Premier League\u2019s TV deal, they will have to limit their wage bill, which at an estimated \u00a3400m for 2024-25, is now one of world football\u2019s biggest.<\/p>\n<p>What\u2019s more, Deloitte \u2013 one of the world\u2019s most reputable consultancy firms \u2013 have now said that without innovation in the media rights space, Liverpool and their Premier League peers risk flatlining revenues.<\/p>\n<blockquote>\n<p>Whilst modest increases in overall revenue are expected to continue, this growth will remain relatively limited unless bold and innovative changes are now considered and then pursued by both the League and its constituent clubs. Any transition towards more of a D2C (direct to consumer) offering would be an example of this, allowing the league to benefit from the unrivalled level of fan interest it holds globally. For such pivots to catalyse material transformation, clubs would though need to collaborate with and trust each other and the League, around key topics such as data sharing, to a much greater extent than is currently the case. The inherent reluctance to think about the best answer for the collective may well be limiting the overall progress of the Premier League.<\/p>\n<p>Deloitte Annual Review of Football Finance 2025<\/p><\/blockquote>\n<p>A direct-to-consumer model, in this case, would likely be a Premier League streaming service which cuts out the middlemen \u2013 Sky Sports and TNT \u2013 and sells match coverage directly to fans. <\/p>\n<p>This idea has sometimes been dubbed \u2018Premflix\u2019 and is one that Liverpool owners FSG have thrown their weight behind before.<\/p>\n<p>FSG have already set Liverpool up for streaming revolution<\/p>\n<p>When the European Super League launched in April 2021 to howls from dissenting Liverpool fans, the mechanics of the breakaway competition weren\u2019t entirely clear.<\/p>\n<p>The plot, which FSG were absolutely fundamental in orchestrating, was forced to go live without much of a concrete plan in place. However, it is understood that one proposal under consideration was a direct-to-consumer model.<\/p>\n<p><img decoding=\"async\" width=\"1024\" height=\"683\" loading=\"lazy\"  src=\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/06\/GettyImages-2200659469-1024x683.jpg\" alt=\"Several Premier League match balls on the turf before a Liverpool match\" class=\"wp-image-957470\" \/>Photo by Catherine Ivill \u2013 AMA\/Getty Images<\/p>\n<p>Now, the Super League has relaunched as the Unify League, though ongoing court proceedings mean its future isn\u2019t certain. This time around, however, the competition\u2019s organisers have promised that, if the breakaway league ever sees the light of day, it will be free-to-air via a direct-to-consumer platform.<\/p>\n<p>Elsewhere in football, Ligue 1 are set to become the first major league to trial a streaming service, although that decision has been enforced by DAZN\u2019s early termination of their French TV deal.<\/p>\n<p>So where do Liverpool fit in?<\/p>\n<p>Well, they were among the Premier League clubs to vote to end a 20-year relationship with IMG late last year. The upshot of that decision is that the league will take their international content production and distribution in-house for the very first time.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">At a Premier League Shareholders\u2019 meeting today, clubs unanimously agreed that the Premier League will establish a new in-house media operations business.<\/p>\n<p>Learn more: <a href=\"https:\/\/t.co\/fBDr60bzYc\">https:\/\/t.co\/fBDr60bzYc<\/a> <a href=\"https:\/\/t.co\/FQMkpfMmmU\">pic.twitter.com\/FQMkpfMmmU<\/a><\/p>\n<p>&mdash; Premier League Communications (@PLComms) <a href=\"https:\/\/twitter.com\/PLComms\/status\/1859933217140163061?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">November 22, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>View Tweet<\/p>\n<p>That move has widely been viewed as a potential move towards a direct-to-consumer approach, though sources have told <strong>TBR Football<\/strong> that we\u2019re still some way off that point domestically given that the sale of IP to Sky Sports and TNT is easy and, broadly speaking, risk-free.<\/p>\n<p>In terms of the ownership, FSG already have close relationships with a number of parties who would surely be interested in the rights if the Premier League ever decided to move away from the traditional broadcasters and launch, not a direct-to-consumer model per se, but one which moves the competition into the streaming age.<\/p>\n<p>Liverpool have partnered with Amazon for a series documenting Jurgen Klopp\u2019s final six months at Anfield, for example.<\/p>\n<\/p>\n<p>FSG have also given their blessing to a Netflix documentary about their Major League Baseball franchise, Boston Red Sox.<\/p>\n<p>Meanwhile, Gerry Cardinale, the founder and CEO of major FSG shareholder RedBird Capital, is a big advocate of the direct-to-consumer model.<\/p>\n<p>Whatever happens across the landscape, the outcome could define Liverpool\u2019s financial future. And while it might ostensibly be a matter for grey-faced business executives, it will impact the way fans interact with their club \u2013 and, most importantly of all, what happens on the pitch.<\/p>\n<p>  <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"Liverpool owners FSG are many things, but sclerotic is not one of them. The Boston-based regime know that&hellip;\n","protected":false},"author":2,"featured_media":182013,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8815],"tags":[748,393,162,4308,32882,4884,179,16,15],"class_list":{"0":"post-182012","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-liverpool","8":"tag-britain","9":"tag-england","10":"tag-english-premier-league","11":"tag-football-finance","12":"tag-fsg","13":"tag-great-britain","14":"tag-liverpool","15":"tag-uk","16":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114678029811169550","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/182012","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=182012"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/182012\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/182013"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=182012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=182012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=182012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}