FSG reach law settlement over $900 million deal amid Liverpool takeover

The potential sale of Liverpool by Fenway Sports Group (FSG) has been dominating the headlines for more than a month.

Since it became public knowledge that FSG had put the Reds on the market, it's been a hot topic of conversation - especially with the 2022-23 season pausing for the World Cup.

Liverpool chairman Tom Werner has confirmed there is no time frame on a possible deal, while Mike Gordon has taken a back step from his role at Anfield. Gordon was the conduit between Reds boss Jurgen Klopp and FSG and reports suggest his focus is now on a potential sale.

Indeed, it's likely been a busy time for the American group, with a host of parties being linked from Qatar, Saudi Arabia, India, Germany and the States as possible investors.

And across the pond, FSG have now reportedly settled a lawsuit when it comes to another of their sports teams.

FSG completed a majority takeover of NHL outfit the Pittsburgh Penguins in December 2021 for around $900 million. It saw FSG take their portfolio to four teams after Liverpool, MLB side Boston Red Sox and NASCAR outfit RFK Racing.

FSG purchased the Penguins from then-majority owners Ron Burkle and Mario Lemieux. However, Wildfire Productions LLC - a limited partner - claimed it was 'unlawfully excluded from sale discussions' as per Sportico. Wildfire invested $5 million in 1999 and 2000, according to a federal complaint. FSG attorneys argued in a court filing that Wildfire ‘knew about FSG’s planned acquisition of a controlling stake in Lemieux Group LP for over six weeks before the transaction closed’.

Now according to the Pittsburgh Tribune-Review, the dispute has now been settled after Wildfire brought law suits with FSG in Western Pennsylvania and Lemieux LLC in Delaware

Daniel Shapira, counsel for Wildfire Productions, said an agreement was reached “with Team Lemieux LLC, Fenway Sports Group, and others to resolve all disputes between them. As part of the settlement, the NHL has approved the sale of Wildfire’s limited partner interest and Wildfire no longer owns any interest in the Penguins. Wildfire wishes FSG and the Penguins the best of luck going forward."

Terms of the settlement have not been issued, while the Penguins declined to comment when asked by the Pittsburgh Tribune-Review.