Does Jürgen Klopp’s exit signal the end of the golden age of FSG?

As Liverpool prepares to look for a new manager, and its owners look to expand their portfolio, both parties may be racing toward a reckoning

Whenever Fenway Sports Group has added to its sprawling global portfolio of sports franchises, now valued at more than $10bn, the story it has told about its intentions has been the same: respect tradition, build the brand, leave the team on a more sustainable footing for future growth, and above all, win. Reflecting on the two-year anniversary of the group's 2021 acquisition of the Pittsburgh Penguins ice hockey team late last year, FSG chairman Tom Werner told The Pittsburgh Post-Gazette: We feel a certain responsibility as stewards to make sure we're not only preserving the legacy of the Penguins, but that we are trying to bring more Stanley Cups to Pittsburgh."

In the mouth of any other sports investor, words like these would seem like standard-issue corporate smarm. But FSG has the track record, built up over more than two decades, to back them up: from Boston to Liverpool and beyond, FSG's arrival has heralded success on the field and renewal off it, bringing trophies and a fresh sense of connection between the teams it has taken over and the communities those teams represent.