Liverpool owners Fenway Sports Group (FSG) have announced a “significant investment” into the company by the firm co-owned by LeBron James, RedBird Capital Partners.
The investment, which sees James become part of FSG’s ownership group along with his business partners Maverick Carter and Paul Wachter, will help Liverpool address an estimated £120million loss in revenues during the coronavirus pandemic.
FSG said in a statement that the deal, which is part of an ongoing alliance between FSG and RedBird, would help the group pursue growth opportunities, while underlining a focus on “winning”.
“Over the years, Fenway Sports Group has been able to attract a dedicated group of executives and partnerships seeking to compete for titles in the most challenging and rewarding landscapes,” read the statement.
“Our strategic partnership with Gerry 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.
“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.”
FSG, which is valued and $7.4bn and whose leadership is comprised of principal owner John W. Henry, chairman Tom Werner and president Mike Gordon, took control of Liverpool in 2010.
The investment from RedBird, which is reported to be a 10 per cent minority holding, will help the club achieve its ambition of redeveloping the Anfield Road Stand.
Gerry Cardinale, founder and managing partner of RedBird, said, “Fenway Sports Group is unique not only for the quality of its sports properties and assets, but for the highly disciplined, results-oriented organisation that John, Tom, Mike and the FSG team have built over the past 20 years.
“RedBird shares the same passion for performance-driven investing, business operations, fan experience and service to the community. We look forward to contributing our experience growing premier sports properties and working alongside this tremendous leadership team, including our fellow new owners LeBron, Maverick and Paul.”
Maverick Carter added: “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.
“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.”