Liverpool owners Fenway Sports Group are weighing up the possibility of selling the Pittsburgh Penguins as the NHL franchise soars in value.

FSG have only owned the Penguins since 2021, when they paid Mario Lemieux and Ron Burkle around £650m for a majority stake. That was more than double the takeover price of Liverpool 11 years earlier.

Unlike Liverpool, the Penguins are reliably profitable thanks to a patchwork system of revenue sharing, a collective bargaining agreement with the NHL’s player union and a league-wide salary cap.

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Since John Henry, Tom Werner and Mike Gordon arrived on Merseyside in 2010, the reigning Premier League champions have racked up cumulative losses of around £28m.

Liverpool profit and loss figures Credit: Adam Williams/TBR Football/GRV Media

And while they will post a chunky surplus when the time comes to release their 2024-25 accounts in the spring, FSG have also pumped several hundred million pounds into infrastructure redevelopment.

The only money they have recouped came in September 2023, when Dynasty Equity purchased a three per cent stake for around £127m. However, that money was immediately loaned to the club interest-free.

So the Boston-based investment group is well...