Liverpool’s takeover is the latest in a series of legal settlements following FSG’s purchase of the Pittsburgh Penguins
For more than a month, the potential sale of Liverpool by Fenway Sports Group (FSG) has dominated the headlines.
Since the news broke that FSG had put the Reds on the market, it’s been a popular topic of discussion, especially with the 2022-23 season on hold due to the World Cup.
Liverpool chairman Tom Werner has indicated that there is no timetable for a possible sale, and Mike Gordon has stepped down from his post at Anfield. Gordon served as a liaison between Reds manager Jurgen Klopp and FSG, and sources claim he is now focused on a possible sale.
Indeed, the American group has undoubtedly had a busy time, with a number of parties from Qatar, Saudi Arabia, India, Germany, and the United States being mentioned as potential investors.
Across the pond, FSG has apparently settled a case involving another of their sports franchises.
FSG completed a $900 million majority buyout of the Pittsburgh Penguins in December 2021. After Liverpool, the MLB franchise Boston Red Sox, and NASCAR team RFK Racing, FSG expanded their portfolio to four teams.
The Penguins were purchased by FSG from then-majority owners Ron Burkle and Mario Lemieux. However, Wildfire Productions LLC, a limited partner, alleged that it was ‘illegally excluded from the sale conversation,’ according to Sportico. According to a federal lawsuit, Wildfire invested $5 million between 1999 and 2000.
The disagreement has now been handled, according to the Pittsburgh Tribune-Review, after Wildfire filed lawsuits against FSG in Western Pennsylvania and Lemieux LLC in Delaware.
Wildfire Productions’ attorney, Daniel Shapira, stated that an agreement “with Team Lemieux LLC, Fenway Sports Group, and others to address all problems between them” been reached. The NHL has approved the sale of Wildfire’s limited partner investment as part of the settlement, and Wildfire no longer holds any interest in the Penguins. Wildfire wishes FSG and the Penguins continued success.”
The terms of the settlement have not been disclosed, and when contacted by the Pittsburgh Tribune-Review, the Penguins declined to comment.
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