Liverpool’s owners have expanded their list of partners, with Jimmy Iovine, co-founder of Interscope Records and Beats Electronics, among those to invest in Fenway Sports Group.
Earlier this year, FSG confirmed a “significant investment” from RedBird Capital Partners along with NBA icon LeBron James and business partners Maverick Carter and Paul Wachter.
Those deals, which increased Liverpool’s ownership group, were reported to be worth around £533 million, though that did not represent direct investment into the club.
Instead, the investment was into FSG, and those funds have allowed the Boston-based owners to increase their acquisition, which includes James and Carter’s entertainment branch SpringHill Company.
FSG are also closing on a deal to become owners of NHL franchise the Pittsburgh Penguins, while there are plans to purchase other clubs in men’s and women’s football along with NBA and NFL franchises.
It is a major expansion for FSG, and could indirectly boost Liverpool in terms of their revenue, particularly with the upcoming launch of a range of Nike products in association with James.
FSG are looking to further branch out into the entertainment industry, too, according to a report in the Boston Globe.
That is where one of their newest partners, Iovine, could come in, with FSG confirming the 68-year-old had join the group via their official website.
Iovine is an American entrepreneur best known as co-founder of Interscope Records and Beats Electronics, the latter alongside rapper and producer Dr Dre.
Interscope was founded in 1990 by Iovine and Ted Field, and two years later they acquired exclusive distribution rights for the Death Row label, whose founders and artists included Dr Dre.
In 2006, Iovine and Dr Dre launched Beats Electronics, and now their range of audio electronics, often branded as Beats by Dre, are among the most popular in the world.
He is now one of 29 partners listed by FSG – which includes the group RedBird Capital Partners, led by Gerry Cardinale, who have the third-largest stake behind only Liverpool owners John W. Henry and Tom Werner.