May 26, 2024

AC Milan chief confirms Liverpool owners FSG in talks for ‘last three years’ over potential $4bn deal

A business associate of Fenway Sports Group (FSG) has verified that the owners of Liverpool are actively considering the acquisition of a new team within the National Basketball League (NBA).

FSG, renowned for their diverse sports portfolio, took ownership of Liverpool in 2010 and currently control the iconic Major League Baseball team, the Boston Red Sox, along with the National Hockey League franchise, the Pittsburgh Penguins. Additionally, FSG acquired a team in the recently established Technology Golf League led by Tiger Woods and Rory McIlroy, and they hold a 50% stake in NASCAR’s RTK Racing.

AC Milan chairman confirms Liverpool owners FSG in discussion for 'last  three years' over potential $4bn deal

Expressing a commitment to expansion, FSG has been linked to the prospect of joining the NBA with a new team in Las Vegas. Basketball legend LeBron James, a stakeholder in FSG since becoming a lifetime partner earlier in the year, has expressed his desire to establish a team in Nevada post-retirement.

Amid the ongoing NBA In-Season Tournament in Las Vegas, where the LA Lakers, led by LeBron James, secured a decisive victory, NBA Commissioner Adam Silver has hinted at the possibility of increasing the league from 30 to 32 teams.

Liverpool investment latest as Manchester United bidder makes major FSG  claim - Liverpool Echo

Las Vegas has emerged as a significant sports hub, with recent additions including the inaugural Formula One race and the relocation of the NFL’s Raiders in 2020. FSG, having purchased an 11% stake from RedBird Capital Partners in April 2021, is actively exploring the potential of an NBA expansion team in collaboration with LeBron James, as disclosed by Gerry Cardinale, the founder and managing partner of RedBird Capital Partners, during the Sports Business Journal Intercollegiate Athletics Forum.

Cardinale, whose company also owns AC Milan and Toulouse, revealed that FSG has been evaluating this project for the past three years. The financial aspect of such an endeavor is substantial, with recent NBA franchise sales, such as the Phoenix Suns for $4 billion in December 2022 and ongoing talks for a majority stake in the Dallas Mavericks for $3.5 billion, providing a context for the potential costs involved. Forbes had previously valued the Mavericks at $4.5 billion earlier in the same year.

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