Liverpool owners FSG have transformative $1.6 billion project approved

Liverpool owners Fenway Sports Group (FSG) have had plans for a $1.6 billion project approved.

FSG have transformed the Reds’ Anfield stadium during their 13-year tenure. The expansion of the Main Stand, along with the near-completed extension of the Anfield Road End, will see the historic ground’s capacity increase to 61,000 for the 2023-24 season. The cost for both has been estimated at around £200 million, while some £50 million was spent on the development of the AXA Training Centre.

Investing in infrastructure is something that FSG are keen to do throughout their sporting portfolio. Much-maligned previous owners Tom Hicks and George Gillett wanted to build a new stadium at nearby Stanley Park - but FSG opted to instead restore Liverpool’s historic home.

The American group did similar after buying Major League Baseball team the Boston Red Sox in 2002. Fenway Park was renovated significantly and four World Series titles won during FSG’s ownership.

Last August, FSG unveiled the opening of the MGM Music Hall next to the Red Sox’s historic Fenway Park. The 5,000-seater venue will play host to two gigs by former One Direction singer Louis Tomlinson next week, while Police frontman Sting will performer later this year.

Now John Henry and Co have sealed approval from the Boston Planning and Development Agency for the project Fenway Corners to go ahead. In conjunction with partners WS Development and Twins Enterprises, the development around Fenway Park will see eight buildings constructed - and according to Front Office Sports, it will create ‘more than two million square feet of new space including offices, storefronts, residential units, street upgrades, and new pedestrian and public space’.

FSG are in ‘growth mode’ having purchased National Hockey League team the Pittsburgh Penguins in November 2021. Meanwhile, last month they agreed to buy a Boston-based franchise in the new Technology Golf League, which is spearheaded by Tiger Woods and Rory McIlroy.