Winner revealed as Liverpool owners FSG in £2.3bn battle with Arsenal’s Stan Kroenke

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Liverpool and Arsenal’s owners, Fenway Sports Group and Stan Kroenke, are in competition in a number of fronts throughout their respective business empires.

Liverpool and Arsenal’s 2-2 draw at the Emirates Stadium last Sunday felt like it could be a factor in the Premier League title race already, even with seven months of the season remaining.

The two clubs have been the closest challengers to Man City’s domestic dominance in the current era and – although Arsenal are now five points off the pace – hope to topple Pep Guardiola’s side this term.

Position	Team	Played MP	Won W	Drawn D	Lost L	For GF	Against GA	Diff GD	Points Pts
1	Man CityManchester City	9	7	2	0	20	9	11	23
2	LiverpoolLiverpool	9	7	1	1	17	5	12	22
3	ArsenalArsenal	9	5	3	1	17	10	7	18
4	Aston VillaAston Villa	9	5	3	1	16	11	5	18
5	ChelseaChelsea	9	5	2	2	19	11	8	17
6	BrightonBrighton	9	4	4	1	16	12	4	16
7	Nottm ForestNottingham Forest	9	4	4	1	11	7	4	16
8	TottenhamTottenham	9	4	1	4	18	10	8	13
9	BrentfordBrentford	9	4	1	4	18	18	0	13
10	FulhamFulham	9	3	3	3	12	12	0	12

There are also a number of similarities across Liverpool and Arsenal‘s ownership models.

Liverpool’s benefactors, the Boston-based investment group FSG, have spent over £200m on the expansion of Anfield via interest-free shareholder loans which they will eventually recoup.

But other than that, FSG have invested little in the way of financial resources, focusing instead on optimising costs and commercial income to hike the budget available to Arne Slot and Richard Hughes.

Arsenal’s own model is almost a carbon copy, although Stan Kroenke has loosened the purse strings somewhat in recent seasons to breath life into Mikel Arteta’s footballing project in North London.

The two operations also have a number of overlapping but competing interests in their homeland of the United States.

And the latest news adjacent to the world of football finance illustrates just how close Kroenke Sports & Entertainment and FSG are intertwined.

• READ MORE: Darren Bent says Arsenal have a player who’s technically better than Liverpool’s Mohamed Salah

Kroenke and FSG neck and neck in financial stakes

Kroenke’s portfolio across football, American football, basketball, ice hockey and more is usually seen as the second most valuable sports empire in the world.

FSG are not far behind, and they are moving more into the media space too, where many investors are adamant there is huge untapped revenue.

Kroenke’s most valuable sports assets

• Arsenal FC (English Premier League) – London, UK
• Los Angeles Rams (NFL) – Los Angeles, CA
• Denver Nuggets (NBA) – Denver, CO
• Colorado Avalanche (NHL) – Denver, CO
• Colorado Rapids (MLS) – Commerce City, CO
• Colorado Mammoth (NLL – National Lacrosse League) – Denver, CO
• Los Angeles Gladiators (Overwatch League – esports)
• Los Angeles Guerrillas (Call of Duty League – esports)

FSG’s most valuable sports assets

1. Liverpool FC (English Premier League) – Liverpool, UK
2. Boston Red Sox (MLB) – Boston, MA
3. Pittsburgh Penguins (NHL) – Pittsburgh, PA
4. RFK Racing (NASCAR) – Concord, NC (co-ownership)
5. Fenway Sports Management – A sports marketing and consulting firm

In the NHL, Kroenke’s Colorado Avalanche and FSG’s Pittsburgh Penguins compete in different conferences but, according to the latest data, are neck and neck in terms of their value.

The two sides are worth a combined £2.3bn and are 19th and 20th in the overall list compiled by Sportico.

The Penguins are worth $1.47bn (£1.13bn) and have moved one place up in the annual ranking, while Avalanche are worth $1.57bn (£1.21bn) but have slid down by four places.

• READ MORE: Liverpool’s Virgil van Dijk spots Arsenal problem with Mikel Arteta’s side ‘vulnerable’ in one area

When will Liverpool and Arsenal’s owners sell up?

Like with their investments in the NHL, the long-term aim of both Kroenke and FSG supremo John Henry is to sell Arsenal and Liverpool for a profit.

Both groups would already generate huge returns if they sold up tomorrow, with both clubs’ enterprise values in the £3-4bn bracket.

Already, that’s some nest egg.

But they believe that they are only at the foothills of their investment journeys at the Emirates and Anfield respectively and that there is a quantum leap in terms of revenue generation within reach.

Kroenke has enjoyed major financial success at the SoFi Stadium, the home of his Los Angeles Rams NFL franchise which is widely regarded as one of the greatest commercial venues in the world.

And the perception in investment circles is that Premier League clubs will need to channel this kind of commercial focus if they are to justify the values their owners are currently bestowing them.

Technology, which can help Liverpool and Arsenal better reach and monetise their huge overseas fanbases could hold the key here.

But with a government-backed independent football regulator with a mission to safeguard the interests of fans looming, both clubs need to ensure a commercial tilt does not come at the expense of their bedrock fans.