Three months ago, quietly and without fanfare, two groups of very wealthy people sat down to talk about one of the biggest deals in football history. Amit Bhatia — son-in-law of Indian steel magnate Lakshmi Mittal and former co-owner of Queens Park Rangers — has been in preliminary discussions with Fenway Sports Group over buying roughly 30% of Liverpool FC for a reported £1.35bn. Neither side has confirmed figures, and FSG is emphatic that nothing is close to being finalised.

But the number itself has already sent a signal: Liverpool, it implies, is worth approximately £4.5bn. That figure puts the Merseyside club in remarkable company. When Sir Jim Ratcliffe purchased an initial 25% stake in Manchester United in February 2024, United's valuation came in slightly below that level — though Forbes has since pegged United at $7.

2bn. Forbes places Real Madrid at the summit of world football at $9.5bn, with Barcelona close behind at $7.5bn.

Chelsea, bought by Todd Boehly and Clearlake Capital in May 2022 for £4.25bn under distressed conditions following Roman Abramovich's sanctions, now looks like something of a bargain by comparison. FSG's appetite for a new investor is not hard to understand. The group acquired Liverpool for just £300m in 2010, so any deal near £1.

35bn for 30% represents a staggering return. But ownership costs money too. Last summer, Liverpool spent almost £450m in transfers — including £125m on Alexander Isak alone — and still recorded a Premier League title-winning season under Arne Slot with only £8m in profit. This is not, Liverpool's owners insist, an exit strategy.

It is a calculated attempt to attract serious capital while retaining control — the same logic that led FSG to sell 10% to RedBird Capital Partners in 2021.