Liverpool’s U.S. owners Fenway Sports Group (FSG) has shelved plans to purchase a second football club. FSG announced its intention to create a multi-club ownership (MCO) group in 2024 when it rehired Michael Edwards as its CEO of football. Extensive analysis was conducted on around 25 clubs with a strong focus on Spain, Portugal and France. FSG investigated possible deals for Bordeaux , plus Spanish outfits Malaga and Getafe, but opted not to pursue them. The New York Times also revealed FSG looked into buying a minority stake of less than 30 per cent in Monaco in early 2025 alongside another ownership group but, again, decided not to take it any further. The reasons behind FSG's decision is necessarily speculative but they tend to be cautious and risk averse. To some extent the MCO bubble has burst or at least peaked. It was also never quite clear what strategic objective they were pursuing.