It was late in 2022 when reports suggested that Liverpool Football Club’s owners, Fenway Sports Group (FSG), were looking to sell the club, with potential buyers showing interest.

FSG later shifted their stance from an outright sale to selling a minority stake in the club.

However, two years later, Liverpool Football Club appears to be one of the best-run clubs in the world.

Now, The Athletic has provided insight into the rebuilding of Liverpool 2.0.

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According to the report, FSG’s ownership of Liverpool FC reached a critical juncture around Christmas 2022.

With uncertainty surrounding ownership, FSG enlisted Goldman Sachs and Morgan Stanley to explore potential investment interest.

This was the first time since the group’s purchase of Liverpool FC for £300 million in October 2010 that the owners were considering a full sale.

In an interview with the Boston Globe, Liverpool chairman Tom Werner said, “We’re exploring a sale, but there’s no urgency, no time frame for us, and as far as I’m concerned, it’s business as usual.

One outcome could be our continued stewardship for quite a while.”

Liverpool sought to understand the potential valuation of the club after London-based Chelsea FC was sold to a consortium for £2.5 billion.

At the time, Forbes valued Liverpool at around £4 billion.

This period also saw the departure of key figures Julian Ward and Ian Graham, while on-field performances began to wane under Jürgen Klopp.

However, two years later, the situation has dramatically changed.

Liverpool FC has transitioned into one of the best teams in the world, leading both the Premier League and Champions League tables, while advancing to the latter stages of the Carabao Cup.

Klopp’s Liverpool 2.0 restored the club to the upper echelons of European football.

When the German manager decided to step down at the end of last season, the club was well-equipped for the transition.

Since Klopp’s emotional departure from Anfield, FSG appointed Dutch manager Arne Slot, who has provided the perfect balance of continuity and change.

Replacing Klopp was considered one of the most difficult transitions in football, but with Michael Edwards returning in March 2024, FSG ensured a smooth transition.

The report delves deeper into FSG’s transition off the pitch.

The management structure of Liverpool FC has also undergone a thorough overhaul.

Michael Edwards took charge as CEO of football operations upon his return in March this year.

The mastermind behind some of Liverpool’s best transfers in recent times spearheaded a major restructuring of the club’s executive team.

The recruitment and loan management departments have undergone significant transformations, shifting towards a more strategic, long-term plan.

FSG remains committed to their self-sustaining business model, which they believe limits their risk-taking in the transfer market.

However, there is no doubt that their new structure has provided the team with renewed momentum.

In September 2023, FSG sold a small stake in the club to New York-based sports investment firm Dynasty Equity.

The investment from the sale was earmarked for reducing debt and funding the Anfield Road Stand redevelopment, as well as the repurchase of Melwood training ground, where Liverpool FC Women’s team now trains.

While talks of a full sale have diminished, FSG shifted focus to internal matters.

Jürgen Klopp’s decision to step down prompted FSG to search for a replacement.

The uncertainty around the managerial transition coincided with the departure of sporting director Jörg Schmadtke.

It was then that FSG’s leadership—John W.

Henry, Mike Gordon, and Tom Werner—lured Michael Edwards back into a more senior role.

Initially, Edwards rejected the club’s advances, but when it became clear that he would oversee football operations, Edwards agreed to take on the challenge.

In his first move as CEO of football operations, Edwards hired Richard Hughes as sporting director, and together the pair reshaped the club’s recruiting strategy, bringing in Pedro Marques from Benfica and promoting Hans Leitert to head of global goalkeeping.

Despite the significant changes, the club’s footballing infrastructure remains stable, as Hughes and Edwards work closely to maintain the highest standards.

Hughes played a key role in overseeing the appointment of Arne Slot as head coach, leading Liverpool into a new era.

He has since enhanced the club’s scouting network and loan management infrastructure, with the club now placing emphasis on developing youth players through the loan system.

Youngsters Ben Doak, Lewis Kouamé, and Conor Bradley have all benefitted from this strategy at their respective loan clubs.

When Klopp addressed his players after his final match at Anfield in May, he said, “You have made a great start to the new era.

Now you will benefit from new energy.”

The club’s transition from the German manager has been nothing short of extraordinary, with fresh ideas and perspectives driving the club forward.

Two years on from uncertain times at Anfield, the club is as stable as ever.

Edwards has now taken full responsibility for running Liverpool Football Club, and any talk of a sale is completely off the table.

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