Kieran Maguire Dissects FSG’s Self-Sustaining Liverpool Strategy | OneFootball

Liverpool, FSG and Finance: Kieran Maguire’s View from the Numbers Room

Financial Discipline or Missed Opportunity?

When I sat down with football finance expert Kieran Maguire on the latest episode of Money Talks for Anfield Index, I was keen to delve into the inner workings of Liverpool FC’s financial structure under Fenway Sports Group (FSG). Having been at the helm for about 15 years, FSG’s approach has polarised opinion – some laud the prudence, others lament the perceived parsimony.

Kieran was clear in his view: “FSG, in my view, have done a fantastic job at Liverpool. If you look at the state of the club under Gillette and Hicks, it has made so much progress.” That is irrefutable. The club is on a much sounder financial footing, a global powerhouse in commercial terms and boasts an enviable matchday experience following the Anfield expansion.

But there is a caveat. Kieran added, “I don’t trust them in terms of what they consider to be the governance of the industry.” That speaks volumes. While progress has been undeniable, scepticism remains about how that success is pursued and at what cost to ambition.

Self-Sufficiency and Smart Spending

FSG’s philosophy of financial self-sufficiency stands in contrast to owners who dip liberally into their own reserves. As I outlined in the podcast, “They do not invest into the club… I believe they haven’t invested any of their own resources into Liverpool for a good decade or so.”

Kieran’s assessment of their method was clear-eyed. “FSG… are taking a forensic, fiscal, by-the-book approach to running Liverpool FC. They are super smart. The Liverpool model is to be smart spenders rather than be big spenders.”

That model can yield dividends — but only when trophies are flowing. As Kieran put it, “That works unless it doesn’t work. Fans will buy into that if you’re winning trophies. If you’re not… many fans think clubs should run at a loss and spend as much of the owner’s money as they can.”

This tension – between sustainable operations and the hunger for silverware – lies at the heart of the current FSG debate among Liverpool fans.

Financial Fair Play, Ownership Models and a New Landscape

The episode also tackled wider regulatory and competitive dynamics. One major topic: the current legal battle involving Manchester City. Kieran was candid: “If City successfully defend their position, it’s difficult to see how the executive board of the Premier League can all survive.” A sobering prediction and a sign of the fault lines forming in football’s regulatory structures.

Kieran’s insights into owner motivation added depth. “Do you want a financial return? Do you want an emotional return? Do you want a power-based return? That will dictate the behaviour of the owner.” FSG, for their part, appear primarily focused on a financial return.

Our conversation touched on the differences in owner strategies too. Chelsea have exploited the player sales model; Kieran noted that “Liverpool have done okay… they’re sort of second or third when it comes to player sales.” But the Reds have not pursued that strategy as aggressively as other clubs.

Revenue Growth and the Limits of Expansion

On revenue streams, the conversation turned to the future. Are Liverpool — and Premier League clubs more broadly — hitting a ceiling?

Kieran outlined it starkly: “Premier League will be making no more money from the TV deal in 2029 than it did in 2017.” While he acknowledged some potential in international broadcasting and the metaverse, he added, “Football’s best as a shared experience… watching with your headset is not the same as being there.”

Regarding ticketing and matchday income, Liverpool’s options seem limited. “The attitude of the owners is: can we squeeze another couple of pounds per ticket out?” But Kieran acknowledged, “Fans are trying to become more militant… it’s great to see some solidarity between clubs.”

It’s a fine balancing act. Liverpool have expanded Anfield, but rising ticket prices risk alienating the very supporters whose loyalty underpins the club’s commercial appeal.

Club That Wipes Its Own Feet

Ultimately, Kieran summed up Liverpool’s current philosophy neatly: “They do take the view that the club should effectively wipe its own feet as far as its day-to-day costs are concerned.”

That strategy may insulate Liverpool from risk, but it also fuels debates among fans — many of whom crave a more ambitious, more aggressive approach in the transfer market. Especially now, under Arne Slot, the first post-Klopp era manager, expectations are evolving again.

As a lifelong fan, journalist and host, I strive to bring perspective to these complex questions. My conversation with Kieran Maguire reaffirmed that there are no easy answers — just trade-offs, tensions and timeless debates about how best to run a football club like Liverpool.