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 own...
Nottingham Forest received a further £38million ($51m) in shareholder funding across April, May and June of this year, taking total owner funding at the City Ground in 2025-26 beyond £100m. Forest, whose accounting year runs from July to June, received share injections in each of the final three months of that period: £11.5million in April, £15m in May and another £11.5m in June. In conjunction with £48.23m in September 2025 and £15.04m the following December, it means the club received £101.3m in a single year from above; Forest are 80 per cent owned by Evangelos Marinakis, who bought the club nine years ago and is its main benefactor. The latest injections, which appeared in filings at UK Companies House on Wednesday, lay bare the cost of running Forest, even in a season where they progressed to the Europa League semi-finals. Per The Athletic’s estimate, that run garnered around £21million in prize money, though that was mostly offset by reduced takings at home. A fall...