Liverpool owners Fenway Sports Group (FSG) continue to be linked with a move for struggling La Liga side Valencia, according to the latest whispers.
In March 2024, FSG appointed Michael Edwards as their CEO of Football, assigning him the task of expanding their football portfolio beyond Liverpool Football Club. Edwards, who previously played a key role in Liverpool’s recruitment strategy, is now responsible for identifying and acquiring additional clubs to establish a multi-club model. This approach would be similar to the ownership structures seen with City Football Group and Red Bull.
Edwards has stated that FSG’s commitment to acquiring new clubs played a significant role in his decision to return. He believes that expanding into a multi-club model is essential for staying competitive in modern football, providing advantages in talent development, scouting, and player pathways across multiple teams. With this strategy, FSG aims to strengthen their influence in global football by creating a well-connected structure that benefits all clubs under their ownership.
A prime target in FSG’s expansion plans was the financially crippled French club, FC Girondins de Bordeaux—a historic and respected club that was on its knees, ripe for takeover by those ready to seize an opportunity. Discussions took place regarding a potential majority takeover, with the goal of restoring the club’s stability and incorporating it into a wider football network. However, FSG pulled out of a deal, which resulted in Bordeaux being administratively relegated to the third tier of French football.
Following their interest in Girondins de Bordeaux, FSG has reportedly turned its attention to La Liga’s Valencia CF. The Spanish club has faced significant challenges this season, languishing near the bottom of the league standings. Financially, Valencia has been grappling with substantial debt, which stood at approximately €335 million (£290 million) as of October 2024. In November 2024, the club secured a €186 million (£161 million) refinancing deal with Goldman Sachs to address existing debts and fund the completion of the long-delayed Nou Mestalla stadium project. Despite these efforts, the club’s financial and on-field struggles may present an opportunity for FSG to expand their football portfolio by acquiring a stake in Valencia CF, particularly if the club faces relegation.
Rumours suggest that FSG’s interest is contingent upon Valencia’s league status, with a potential acquisition more likely if the club is relegated, as this could lower the purchase price and ease financial negotiations.
Regarding ownership regulations, UEFA permits multi-club ownership across different leagues, provided that the clubs do not compete in the same UEFA competitions simultaneously. Therefore, FSG can own both a Premier League club like Liverpool FC and a La Liga club such as Valencia CF, as long as they adhere to these guidelines.
Last year, KOPTALK touched on rumours suggesting that FSG were sniffing around Valencia. These surfaced around the same time Liverpool were in negotiations to sign Valencia goalkeeper Giorgi Mamardashvili. Earlier this week, a source followed up and told us via email: “There have been informal talks, but Valencia owner Peter Lim has made it clear that if they are relegated, the price will remain the same. FSG are nowhere near that figure and are not willing to meet it, especially given the club’s existing debt.”
Peter Lim’s Controversial Ownership and the Possibility of a Sale
Peter Lim is no stranger to English football circles. Back in 2010, the Singaporean businessman was heavily linked with a takeover of Liverpool FC, even submitting a £320 million bid for the club. However, his efforts fell short as the Reds were ultimately sold to New England Sports Ventures (now Fenway Sports Group).
Since acquiring Valencia CF in 2014, Lim has faced relentless opposition from the club’s supporters. Frustration over financial mismanagement, questionable sporting decisions, and a perceived lack of ambition has fuelled protests, with thousands of fans regularly demonstrating outside the Mestalla Stadium, demanding his departure. The unrest has even gone beyond Spain—last year, a Spanish couple were detained in Singapore after displaying a “Lim Go Home” banner near his residence, a sign of how deep the discontent runs.
Despite ongoing speculation, Valencia officials insist Lim has no immediate plans to sell. However, recent reports suggest he could be tempted by the right offer, especially given the club’s financial struggles. It is also reported in Spain that if Valencia were relegated, Lim would still demand the same asking price, as claimed by our source, a stance that could deter potential buyers—including FSG.
While an official sale process is not in motion, the combination of fan pressure, financial instability, and Lim’s historically controversial ownership raise the possibility that a change in stewardship at Valencia CF could eventually materialise.
While the rumours are intriguing and make sense given FSG’s track record of targeting struggling clubs, we’re not convinced anything will come of this—especially if Valencia avoid relegation.
And what about FSG’s ownership of Liverpool? Could a sale be on the horizon?
Dynasty Equity, a global sports investment firm, purchased a minority stake in the club in September 2023. In our opinion, this was a huge indicator that FSG were preparing for a future exit. While FSG has repeatedly insisted that Liverpool is not for sale, the involvement of Dynasty Equity suggests that an exit strategy may already be in motion.
A key detail fuelling this theory is the dual role of David Ginsberg, who is listed as Vice Chairman of Fenway Sports Group, Vice Chairman of Liverpool FC, and a Senior Adviser to Dynasty Equity. This overlapping involvement suggests a strategic connection between the investment firm and FSG’s leadership.
Dynasty Equity is not in the business of sentimentality—they are an investment firm, and their primary goal is to generate a return on their stake in Liverpool. The most obvious way for them to do that is through a future sale, whether partial or full. The idea that FSG would sell a stake to an investment firm without an eventual exit strategy seems highly unlikely.
While there is no immediate indication that FSG is actively looking to sell Liverpool in the near future, their partnership with Dynasty Equity is arguably the strongest indicator yet that such a move could happen at some point down the line.
Financial Fair Play & Manchester City: A Factor in FSG’s Plans?
The situation surrounding Manchester City’s 115 charges for alleged financial breaches could also play a significant role in FSG’s long-term thinking. If City are cleared of wrongdoing, it could reinforce the idea that Financial Fair Play (FFP) regulations are ineffective or easily circumvented. Given that FSG initially purchased Liverpool under the belief that FFP would help level the playing field, they may now question whether their sustainable approach is viable in an era where clubs backed by immense wealth continue to dominate.
If FSG believes they cannot compete long-term under current conditions, a sale could become more appealing. Should the regulatory landscape remain weak, they may conclude that Liverpool requires a different ownership model—one that is willing to inject far greater financial resources into the club. In that scenario, their partnership with Dynasty Equity could be seen as a step towards positioning Liverpool for an eventual sale rather than a long-term commitment.
NOTE: The financial figures related to Valencia CF’s debt are based on the latest available reports but may have changed due to ongoing financial developments. Additionally, UEFA’s regulations on multi-club ownership are subject to periodic reviews and clarifications. Readers are advised to check official sources for the most up-to-date information. Furthermore, board positions and executive roles at organisations such as Dynasty Equity, Fenway Sports Group, and Liverpool FC are subject to change, and readers should verify the most current information regarding these positions.
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