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What does Liverpool's future hold under FSG?

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When it was revealed on Tuesday that Fenway Sports Group (FSG) had actually sold about 38% of Liverpool to 1892 Holdings, there was certainly an element of confusion.

On Friday, the understanding was that the Jeff Bezos-backed consortium had purchased about a third of Liverpool - and BBC Sport was informed that speculation placing the investment in the range of approximately 30% to 33% was "directionally accurate".

So why was a different figure reported just four days later?

FSG's policy is not to publicly disclose precise ownership stakes but, with numbers circulating before the official announcement, the Boston-based conglomerate was keen to indicate what was being reported was in the right territory, rather than simply referring to it as a "minority investment".

The chain of events, though, has led to some at Liverpool privately asking why FSG was not more transparent, seeing the confusion as unnecessary.

On Friday, BBC Sport also reported the agreement included an option for the consortium to increase its investment in the future.

Four days later, BBC Sport learned there was a specific option within the deal for the consortium to buy a controlling stake in the next 12 months, again raising questions about transparency.

There is an option that would allow 1892 Holdings to become majority owners within a year, though it does not involve a formal commitment.

But the very inclusion of it does pose the question: what is FSG's long-term vision with Liverpool?

When FSG bought Liverpool for £300m in 2010, the club were "literally on the brink of bankruptcy" according to current CEO Billy Hogan.

Sixteen years later, this deal is said to value the club between £5bn and £6bn, meaning the club is worth more than 15 times its value in 2010.

"It is a great deal for FSG," football finance expert Kieran Maguire told BBC Sport. "They generate more than £1bn from the deal and still keep control - this represents the best of both worlds."

But for how long do FSG remain in control? The partnership may have been announced as a minority stake but, make no mistake, these are major developments.

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