TBR Football understands that Liverpool owners Fenway Sports Group have been offered a foothold in Saudi Arabian football during their negotiations with Newcastle United over Alexander Isak.
Alongside Newcastle, the Public Investment Fund (PIF) directly own four Saudi Pro League sides. The entire division, however, is underwritten by their wealth and influence.
The Pro League is actively seeking foreign investment. This week, Al Kholood became the first club to be sold to an overseas investor, with US-headquartered Harburg Group completing an outright takeover.
Meanwhile, Liverpool are looking to launch their own multi-club system. In the past, FSG have been linked with acquiring teams in North and South America, but their sights are now firmly set on Europe.
Negotiations with Angel Torres, the owner of La Liga side Getafe, have been revived. Liverpool’s owners have previously held talks with Ligue 1’s Bordeaux and another Spanish side, Malaga. As reported by TBR Football, Levante and Elche are in the crosshairs should they fail to thrash out a deal for Getafe.
Photo by Serena Taylor/Newcastle United via Getty Images
Clearly, however, FSG’s A1 priority this summer is Alexander Isak. The Swedish striker – who has not travelled with Newcastle for their pre-season tour of Asia – is currently training alone at former club Real Sociedad. The Magpies claim he is recovering from a minor muscle injury.
Isak is understood to be confident of forcing a move to Anfield this summer, where the 25-year-old would command a British record transfer fee and a £300,000-a-week contract before bonuses, which would significantly increase the total value of his would-be deal.
Liverpool, who have ample headroom under the Premier League Profit and Sustainability Rules (PSR) despite their £150m-plus net spend so far this summer, have been told that Isak will not be sold unless Newcastle find a replacement.
Unlike previous windows, Newcastle too have no immediate domestic PSR concerns, and Isak is under contract at St James’ Park until 2028. Today, the club is said to have rejected Liverpool’s first official bid for the player.
Exclusive: FSG encouraged to invest in Saudi Pro League amid Alexander Isak talks
TBR Football has been told by two well-connected sources that PIF are courting an investment in the Saudi Pro League from FSG as part of discussions over Isak.
The Public Investment Fund has history in this department. Mohamed Salah was offered the chance to take a minority stake in a Saudi side when he was in talks over a potential move to the Gulf earlier this year, as reported by this site. Cristiano Ronaldo also owns a 15-20 per cent interest in Al Nassr.
That said, a direct investment from FSG – which was described as being “encouraged” by PIF – would be a level above those arrangements, which were essentially sweeteners in contract negotiations.
Photo by Harold Cunningham – UEFA/UEFA via Getty Images
John Henry’s sports empire is one of the most valuable and well-run in the world, and acquiring a stake in a Pro League side or investing at a structural level would be inconsistent with their investment modus operandi. A strategic partnership could be viable, but the optics would need to be carefully managed.
It is not known how Fenway has responded to this element of PIF’s overtures in the Isak talks, but industry sources consulted by TBR Football predicted that a link-up between the two parties is unlikely.
Any such venture would come with geopolitical baggage and, in any case, FSG typically opt for established teams with built-in brand IP.
FSG-owned company/teamIndustry/leagueLiverpool F.CPremier LeagueBoston Red SoxMajor League BaseballPittsburgh PenguinsNational Hocket LeagueRFK RacingNASCAR Cup SeriesPGA Tour EnterprisesUS professional golfGOALFitness and training appHana KumaNaomi Osaka’s Media companySpringHillLeBron James’ entertainment firmBoston Common GolfTGL Golf LeagueFenway Sports ManagementSports marketing and consultingFenway Music CompanyMusic and live eventsTeams and businesses owned by FSG
However, for PIF, such an arrangement would be more in keeping with their strategy.
“PIF have broader responsibilities than just football,” says Kieran Maguire, football finance lecturer at University of Liverpool, in conversation with TBR Football.
“As part of [Saudi Crown Prince] Mohamed Bin Salman’s Vision 2030, he wants to broaden the country’s revenue base away from natural resources towards tourism and sport.
“He wants Riyadh to be a global sports hub. He wants to attract talent and investment, including overseas investment. Courting investment from groups like FSG is A) a sign of faith in the Saudi Pro League and B) it starts to generate a return on investment from PIF’s perspective.“
Liverpool’s indirect links with Saudi Arabia and PIF’s global masterplan
Given the breadth of Saudi Arabia’s influence on global sport, there are overlaps between their business and FSG’s – and indeed with nearly every Premier League ownership group.
Via Strategic Sports Investments, FSG are major shareholders in PGA Tour Enterprises, the commercial arm of the Professional Golfers’ Association. A merger between the PGA and Saudi-backed rival LIV Golf has long been on the cards but has repeatedly stalled and now appears all but dead, with PIF’s latest £1.2bn proposal knocked back in December 2024.
Private investment groups from Saudi Arabia were also reported to be interested when Fenway put Liverpool up for auction in November 2022, a process which ultimately saw them sell a small minority stake to Dynasty Equity rather than a full takeover.
Premier League ownership diagram
Credit: Adam Williams/TBR Football/GRV Media
FSG are now fully committed to Liverpool, and sources have told this site that the exercise may simply have been an elaborate way of stress-testing their valuation of the most salubrious asset in their portfolio.
Reports in the Middle East earlier this year linked FSG’s CEO of Football Michael Edwards with a move to Saudi Pro League side Al Hilal, but those suggestions were dismissed by Liverpool insiders.
And though he appears to have his heart set on a move to Merseyside, Isak himself has also been the subject of interest from Al Hilal. It has since been reported that the player has rejected a £600,000-a-week tax-free contract from last season’s Pro League runners-up.
Photo by Serena Taylor/Newcastle United via Getty Images
With regards to where Newcastle fit into the masterplan, PIF have been far from reluctant to lend a helping hand to the Magpies’ rivals since their controversial takeover in 2021.
The Saudis effectively underwrote FIFA’s £750m streaming deal for the Club World Cup via an investment through one of their subsidiary companies, SURJ, in broadcaster DAZN. In turn, that has seen hundreds of millions in revenue flow to Newcastle’s peers domestically and in Europe.
In the transfer market too, the Pro League has relieved Premier League sides of dozens of unwanted players on big wages, often for very handsome transfer fees. Liverpool’s Darwin Nunez could complete a move to Saudi Arabia before the transfer window is out, for instance. If so, the Reds expect £65m for a player who has been – to put it charitably – inconsistent.
That potential deal, as well as PIF’s sweeping investments at every conceivable level of global football is emblematic of the Saudis’ grand ambitions in sport that extend well, well beyond the north east of England. They will stage the World Cup in 2034 and are looking to acquire more clubs outside the Middle East too.
When PIF arrived on Tyneside, the expectation was for the Saudis to leverage their vast football network to their benefit. True, there have been significant commercial perks – Newcastle’s lucrative front-of-shirt and sleeve sponsorship deals are with PIF-linked entities, for example – but the club has arguably been materially disadvantaged by the Saudi Pro League, whose spending has strengthened rivals.
“In terms of transfers, Newcastle and PIF have tried to keep their Saudi footballing sides separate,” says TBR Football Chief Correspondent Graeme Bailey.
“I know clubs who have talked to PIF about Saudi deals, and vice versa, and they ask about Newcastle and their situation…
“I am told they purposefully have tried to avoid Newcastle players moving to the Pro League and also Newcastle possibly bringing players in, even though situations have presented themselves, including in this window.
“I am told some at Newcastle even think the separation is a little over the top – too conservative. They look at what Man City do with City Group and Chelsea with BlueCo – and they are both playing those systems brilliantly and most importantly to their benefit.”