When it comes to the most powerful person at Liverpool, the buck stops with John Henry.
But one of FSG’s best qualities is delegating. And the Boston-based ownership regime have entrusted day-to-day running of the club to the people they deem the best of the best in their fields.
At a sporting level, that’s sporting director Richard Hughes and FSG’s CEO of football Michael Edwards, both of whom have entered the final 18 months of their contracts. In the long-term, grand vision for the club, Arne Slot is further down the pecking order.
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Commercially, Ben Latty is the man steering the ship. Then, there’s chief financial officer Jenny Beacham, as well as a host of other C-suite executives. The whole executive branch is overseen by CEO Billy Hogan and the board, of which John Henry, Mike Gordon and Tom Werner are members.
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And while Liverpool are enduring a difficult season on the pitch, this structure has served the club well.
FSG’s investment on Merseyside is usually valued somewhere north of £4bn, which is an astonishing markup on the £300m they paid Tom Hicks and George Gillett in 2010.
Yes, external factors like the explosion in the value of Premier League and UEFA TV rights have had a big part to play in that £4bn figure, but Fenway’s business acumen and vision has led to an outsized increase relative to many of their rivals.
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And, when all is said and done, football itself – through prize money, commercial brand-building and matchday income – is still the main financial driver. Ensuring that the sporting department is in shipshape, therefore, is FSG’s A1 priority.
Liverpool and FSG principal owner John Henry looks on as he watches Miami Marlins v Boston Red Sox
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As well as the fate of the manager, who is under pressure after Liverpool fell to 6th in the Premier League following last Saturday’s gut-punch 3-2 defeat at Bournemouth, the future of Edwards and Hughes is of paramount importance.
How FSG are Richard Hughes and Michael Edwards’ Liverpool contracts
As Edwards and Hughes approach the final year of their respective Liverpool contracts, FSG will be considering the club’s long-term football future.
Both men are clearly highly respected by Henry and his colleagues in the FSG throne room. That much is clear, even amid scrutiny about the balance of Liverpool’s squad.
They were allowed to spend £450m on new signings in the summer, ramp up the wage bill to beyond £400m and, after Fenway have completed a long-awaited takeover of an as-yet undetermined European club, Edwards will be tasked with running a multi-club operation with Liverpool at the helm.
So how will FSG approach the contract negotiations?
“These are important moves because they shape the playing culture and style for years on end,” University of Liverpool football finance lecturer Kieran Maguire said in exclusive conversation with Rousing the Kop about the Edwards-Hughes.
Richard Hughes, sporting director and Michael Edwards, chief executive of football at Liverpool during the Premier League match between Chelsea and Liverpool at Stamford Bridge on October 04, 2025 in London, England.
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“The model they have has been successful historically, but they haven’t got Ian Graham there now. You also have to wonder if Edwards left because of burnout, too.
“The importance of their decision making and responsibilities of Hughes and Edwards don’t get mentioned as much as the manager’s. They are the people that find the players, negotiate the contracts and act as the most powerful figures at the club.
“This is why we’re having the conversation now about whether a manager is indeed a manager or whether he is a head coach. So FSG are placing a huge amount of trust in Edwards and Hughes. It’s a multi-billion dollar investment.”
How close are FSG to buying another club?
When Edwards, who previously was Liverpool’s sporting director, returned to the club as FSG’s CEO of football in 2024 after a two-year hiatus, it was with the brief of dragging Liverpool into the multi-club market.
Is the multi-club model the way forward for Liverpool?
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Since then, FSG have held talks to invest in Bordeaux and a host of Spanish clubs. But after reportedly coming close to pulling the trigger with Malaga and Getafe, the trail has gone cold.
With the recent sale of the Pittsburgh Penguins, FSG’s liquidity will be high, however, and there is noise within the industry that the multi-club project could accelerate soon.
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