Fenway Sports Group has retained overall control of Liverpool since buying the club in 2010. That may now be starting to change. Talks are underway over a significant minority investment from a consortium led by Amit Bhatia.
The former Queens Park Rangers chairman and FSG has confirmed that the group has expressed interest in a stake. FSG has confirmed the discussions and appointed advisers to assess the proposal.
For a fanbase that's spent 16 years fighting FSG over ticket prices, transfer spending, and a failed European Super League project, this is the first real sign that someone inside the boardroom might actually push back on their behalf.
What Amit Bhatia’s £1.35bn Bid Means for Liverpool
Bhatia’s group is reportedly seeking up to 30% of Liverpool in exchange for a £1.35 billion investment, valuing the club at around £4.5 billion. This would be a far larger transaction than FSG’s previous dilution of its ownership.
Dynasty Equity bought a small minority stake for between £82 million and £164 million in 2023. The proposal could offer John Henry and Tom Werner a substantial partial exit while allowing FSG to retain control.
Bloomberg has also reported that the investor group could eventually pursue a path towards majority control, although that would be separate from the minority stake currently under discussion. Backing the bid financially is Lakshmi Mittal, the steel billionaire and Bhatia's father-in-law.
Mittal’s fortune is estimated at around £23 billion. That's roughly more than twice the size of FSG's entire sporting portfolio, Liverpool included.
Amazon founder Jeff Bezos and Facebook co-founder Eduardo Saverin have both been approached to add further financial weight, though neither has confirmed their involvement.
Why This Bid Differs From FSG’s Previous Investment Deals
FSG has sold pieces of its wider ownership structure before. In 2023, Dynasty Equity bought a small direct minority stake in Liverpool, in a deal reportedly worth between £82m and £164m; the proceeds were used primarily to reduce debt.
Two years earlier, RedBird Capital acquired more than 10% of FSG itself. The investment brought RedBird into FSG’s ownership group alongside LeBron James, Maverick Carter and their partners, while helping the company absorb pandemic-related losses.
The funding helped continue projects, including the Anfield Road Stand redevelopment. Both of those deals left FSG's grip on the club largely unchanged. Bhatia's approach is built differently.
Bloomberg's Giles Turner and Baiju Kalesh reported that the group is “planning to eventually obtain a controlling stake,” buying up equity in stages instead of settling for a passive seat at the table. FSG isn't rushing toward the exit, but the door has been left open in a way it wasn't in 2021 or 2023.
What This Means for Liverpool’s Future and Academy Development
Most discussion of the proposed Bhatia-led investment has focused on transfer budgets. The more important question may be what fresh capital, if a deal is completed, would mean for Liverpool’s academy pipeline and the next generation of players coming through Kirkby.
FSG's model has always prioritised sustainability over big spending, which has helped Liverpool maintain its academy even during quieter transfer windows. A £1.35bn capital injection that is more than four times what FSG paid for the club in 2010.
This could create room for facility upgrades, better loan pathways and other investment around Kirkby. Those projects rarely attract the attention of a major signing, but they can have a direct impact on the players who eventually reach the first team.
