According to Simon Hughes in The Athletic, the consortium that has agreed to acquire a minority stake in Liverpool has at least two options to increase its holding once it has been ratified as a part-owner by the Independent Football Regulator (IFR). The agreement could ultimately allow 1892 Holdings to take control of the club by increasing its claim to around 69 per cent or potentially completing a 100 per cent buyout.
The publication also stated that K5 Sports, a K5 Global fund in which Jeff Bezos is the lead investor, would initially be the largest investor in 1892 Holdings.
The Athletic described the agreement as having a structure that could lead to the consortium taking control of Liverpool through an increased holding of approximately 69 per cent or a potential full acquisition.
These are possibilities described in the report, rather than confirmed changes of ownership. There has been no announcement that either option has been exercised or that a further sale has been agreed.
What Liverpool officially announced in August
Fenway Sports Group (FSG) announced on Friday, 14 August, that it had entered into a definitive agreement to sell a minority equity stake in Liverpool Football Club to 1892 Holdings.
The club's official statement identified the consortium as being led and managed by Amit Bhatia.
It named three investment groups:
Investments from Amit Bhatia and the Mittal Family Trusts.
K5 Sports, a K5 Global Fund, with Jeff Bezos as lead investor in the K5 Sports fund.
EE Capital, the family office of Elaine and Eduardo Saverin.
FSG confirmed that it would continue to retain majority ownership and operational control of Liverpool.
Completion of the transaction remained subject to regulatory approvals and other customary closing conditions.
The official announcement did not specify the percentage of Liverpool being acquired, the price being paid or the club’s valuation.
Those figures were subsequently reported by The Athletic, The Guardian and BBC Sport.
The reported £2bn investment and 38 per cent stake
On 18 August, Hughes and Dan Sheldon reported in The Athletic that 1892 Holdings would initially acquire approximately 38 per cent of Liverpool.
The same day, Andy Hunter reported in The Guardian that the consortium would acquire a 38 per cent stake, with just over £2 billion being paid to FSG and Liverpool valued at approximately £5.5 billion.
BBC Sport subsequently reported on 28 August that the consortium would own around 38 per cent, subject to regulatory approval.
These figures came from media reporting rather than Liverpool’s original announcement.
FSG acquired Liverpool for £300 million in 2010, according to The Guardian and BBC Sport.
Under the agreement announced in August, FSG would remain Liverpool’s majority owner and retain operational control.
Earlier reports of an option to take control
The possibility of 1892 Holdings eventually acquiring a controlling stake was first reported in August, although the details published at that time were different from those outlined by The Athletic today.
On 15 August, The Athletic reported that the investment agreement contained an option to purchase a controlling stake, describing a mechanism that could see the consortium acquire control within the following 12 months.
That was reported as an option, not a commitment to proceed with a further acquisition.
On 18 August, The Guardian reported that the consortium had first refusal to become Liverpool’s majority shareholder within the next 12 months, should FSG decide to sell.
The newspaper also reported that FSG was not compelled to sell any additional shares.
BBC Sport followed on 20 August, reporting that the consortium had an option to become majority owners within a year, but that there was no formal commitment to do so.
Hughes’s latest reporting introduces two more specific potential outcomes: an increase to around 69 per cent or a possible 100 per cent buyout.
The information published by The Athletic today does not explain how those two possibilities relate to the arrangements described in August.
Who would represent the new investors?
Reports published in August also outlined proposed changes to Liverpool’s board, subject to regulatory approval.
According to The Guardian and BBC Sport, Amit Bhatia would become vice-chairman, while Elaine Saverin and Bryan Baum of K5 Global would join the board.
Bezos was described as a passive investor who would not take a seat on Liverpool’s board.
The Guardian also reported that Bhatia is the son-in-law of Lakshmi Mittal.
The club’s August statement described Bhatia as the person leading and managing 1892 Holdings.
The proposed board appointments remained dependent on the necessary regulatory approvals.
Where does the regulatory process stand?
The Independent Football Regulator has a role in the proposed ownership changes.
Since 5 May 2026, anyone wishing to become an Owner or Senior Manager at a regulated football club must first apply to and receive approval from the IFR.
In an interview published on Liverpool’s official website on 28 August, Bhatia said the regulatory process was under way.
He also confirmed that Liverpool remained under FSG ownership and that FSG continued to make the decisions at the club.
As of 5 November, Liverpool’s official corporate information page continued to list FSG directors, without reflecting the proposed appointments associated with 1892 Holdings.
The IFR’s published determinations register, last updated on 5 November, showed no published determination relating to Liverpool, 1892 Holdings, Bhatia, Bezos, Saverin or Baum when checked.
That does not establish whether an application has been submitted or what stage any regulatory assessment may have reached.
No approval or rejection of the proposed transaction has been identified in the published determinations.
What happens next?
The agreement announced by FSG in August was for the sale of a minority stake in Liverpool to 1892 Holdings, subject to regulatory approvals and other customary closing conditions.
Reporting later that month described an option that could allow the consortium to pursue majority ownership, without any commitment that a further acquisition would take place.
The latest information published by The Athletic goes further by identifying two potential outcomes under the agreement: an increase to approximately 69 per cent or a possible acquisition of the entire club.
Neither outcome has been announced as an agreed or completed transaction.
FSG remains Liverpool’s majority owner and retains operational control while the initial investment awaits completion.
No public response from Liverpool or FSG to Hughes’s latest report has been identified.
