No, FSG’s brand-new £97m blockbuster deal won’t end Liverpool’s dream of signing Alexander Isak

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Liverpool’s aggressive strategy in the transfer market – which could yet see them land Alexander Isak – has some fans asking whether there has been a philosophical-financial shift at FSG HQ.

Historically, the owners in Boston have been characterised as quiet, forensic operators, who only let Liverpool spend what they earn.

But by anyone’s standards, FSG are having a bombastic summer. Currently, their gross outlay in the transfer market stands at close to £300m. If they do prise Alexander Isak from Newcastle United, that number will increase by 50 per cent. Granted, they have sold well and expect several more lucrative departures before the cut-off on 1 September, but it is a gargantuan figure nonetheless.

That said, suggestions that Fenway Sports Group have finally decided to pump their own money into the club are wide of the mark. So how are they spending so much? The answer is manifold:

1. They have plenty of PSR headroom due to clever cost control
2. Liverpool spent next to nothing last season
3. FSG presided over revenues of over £700m in 2024-25
4. They have a £350m overdraft they can use
5. Commercially, the club goes from strength to strength

Liverpool’s new deal with Adidas – initially reported as five years by local media but later confirmed to span a decade – could be worth over £1bn to the club over its lifetime.

The bulk of that revenue is more or less guaranteed, unlike the previous royalty-heavy arrangement with Nike. Mohamed Salah is an Adidas athlete, which helps. So too, incidentally, is Isak, who is currently training on his own at Newcastle.

Today, Liverpool have announced record-breaking sales on day one of the Adidas partnership, up a remarkable 700 per cent on last season’s equivalent.

The structure of that deal, alongside the money delivered by an expanded Anfield and the club’s wider portfolio of commercial partners, is among the factors that mean FSG do not need to depart from their traditional self-sufficient business model.

However, there have been some suggestions that news from another outpost in the John Henry empire across the pond could be a blow in their pursuit of Isak.

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FSG’s spending at Boston Red Sox will not impact Liverpool

FSG are looking to widen their sports portfolio with the addition of another football club, with Michael Edwards having returned to Anfield to lead the search, which has so far seen them hold talks with Bordeaux, Malaga and Getafe. Several other Spanish sides are on their radar, too.

Meanwhile, FSG are also fielding potential minority investment offers for the Pittsburgh Penguins, their NHL team. A consortium led by the franchise’s former owners want a full takeover, but the word is that Fenway will not entertain any outright offers.

Predominantly, Fenway’s focus is with the big beasts: Liverpool and the Boston Red Sox.

Major League Baseball outfit Red Sox have had a mixed time under FSG’s leadership, ending a near century-long wait for a World Series title in 2004 and delivering the same honour on three subsequent occasions but simultaneously aggravating some fans with what they perceive as an overly-cautious approach.

But Henry and his peers have sanctioned big investment at Fenway Park. Most recently, they have signed outfielder Roman Anthony to a £97m, eight-year contract. The total value of Anthony’s deal could rise to £170m if all bonuses are realised, in theory.

That contract has led many commentators on social media to suggest that FSG will now no longer be able to commit fully to negotiations with Newcastle over Isak, or any other superstars for that matter.

However, the two organisations, Liverpool and the Red Sox, operate independently of each other. In any case, the Red Sox are profitable in their own right and do not need FSG to siphon any cash away from Anfield.

For context, the Red Sox’s projected payroll for 2025 is around £190m. Liverpool’s total wage bill for 2024-25 meanwhile will likely clock in at around £400m, but both cost bases are covered by the respective teams’ revenues.

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Liverpool’s next big revenue stream

Liverpool’s revenue is booming, but there could be a slow-down in the not-too-distant future.

Many within football finance have forecast that the growth of the Premier League’s TV deals will begin to slow in the coming years. The current tranche of domestic and international agreements is worth in excess of £12bn over the current cycle.

In the UK, the value of the deal with Sky Sports and TNT Sports has shrunk on a per-match basis, but overseas rights have continued to rise stubbornly.

But there have been signs that may not continue forever too. A new deal for the South American rights, for example, has been renewed at a flat rate. Adjusting for inflation, that’s a decline.

“We’re certainly plateauing as far as domestic TV rights are concerned,” says Kieran Maguire, speaking exclusively to TBR Football about Liverpool’s place within the media rights landscape.

“Historically, Liverpool have seen revenues soar. but the fact that the Premier League is only generating four per cent more revenue in exchange for another 100 matches in the latest iteration of the broadcast deal is indicative of the quantum of money available from the broadcasters.

“Sky Sports have their own challenges in terms of trying to persuade subscribers to pay higher and higher fees every year and not take up the temptation of turning to piracy alternatives. That is becoming increasingly challenging.

“As far as overseas rights are concerned, some of the recent deals are very good. But I think the Premier League will struggle to extract further value when they come to be renewed over the course of the next three or four years. We will see growth but I don’t think it will be the double digit growth of recent years.

“It is still an amazing achievement for the Premier League to be extracting more money from overseas broadcasters than domestic, I don’t see big growth from traditional media going forwards.

“I anticipate some form of innovation in how consumers will watch matches as technology continues to evolve. Liverpool will be one of the best-placed to capitalise on that when the time comes.”