Could Liverpool become an Indian owned club?

What is the real story behind the acquisition of a minority stake in Liverpool by wealthy Indian investors?  The steer from Fenway Sports Group (FSG), the Boston-based syndicate which has owned Liverpool since 2010, was that Bhatia’s group was in talks for a similar deal to the one FSG struck with Dynasty Equity in 2023, when that American investment firm bought about three per cent of the club for just under £150million ($200m).

However, it would appear that a 30 per cent stake is at the top end of what the group is discussing with FSG, although the consensus number among analysts has been more like eight to 10 per cent, on an overall valuation for the club of £4.5billion ($6bn). A significant amount of money, then.

But there is a big difference between these stakes in terms of cost and intention. At 10 per cent, most investors are saying they like the sector, and the place of the business concerned in that sector; but they are also saying they trust the majority owners and are happy to come along for the ride. On the flip side, the majority owners are delighted that someone has recognised how clever they are and pleased to share the burden of growing the business.

But at 30 per cent, you have spent too much to not want a say, particularly as you are now on the hook for nearly a third of any future costs, too.

FSG has recently demonstrated its willingness to offload a major asset, by selling the Pittsburgh Penguins foir $1.7 billion, five years after buying the National Hockey League franchise for $900m. That is a fine return, but nowhere near as good as the 1,500 per cent profit FSG is sitting on at Liverpool, having paid £300m to rescue them from near bankruptcy.

The New York Times has spoken to several people who worked with Bhatia at QPR, and they wondered why he never fully unleashed the Mittals’ financial muscle there. The idea, they thought, was that he would do so if QPR could return to the Premier League, but the west Londoners are about to start their 12th straight season in the second tier. It was also suggested that he grew frustrated with the club’s stalled attempts to either redevelop their Loftus Road stadium or move to a new site.

Could Liverpool become India’s football team?  (Blackburn Rovers tried but it didn’t work out).  It’s a growing economy but a country where cricket is an obsession.  At the moment it’s all speculation, but potentially transformative.