Liverpool’s renewed commercial partnership with Coca-Cola is the tip of the iceberg as Fenway Sports Group continue to monetise the club’s global appeal.

Tonight, Liverpool host Real Madrid at Anfield in the Champions League. As well as a meeting of sporting superpowers, the match will also be contested by two clubs boasting combined commercial income – that’s revenue from sponsorship, retail and events – of £731m.

In their 15 years on Merseyside, FSG have nurtured the club’s commercial department and brought in £2.3bn, all of which has been reinvested in Liverpool. In 2010-11, revenue from this source was £77m. In 2023-24, the last published financial year, it was £308m.

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That’s a compound annual growth rate of around 11.25 per cent. Even in the grand sweep of football finance, where turnover is booming across the board, it is a quite remarkable markup.

Liverpool key revenue events in FSG era Credit: Adam Williams/TBR Football/GRV Media

The alchemy of Fenway Sports Group is that, apart from investment in infrastructure, the financial growth has been achieved with zero financial help.

While the vast majority of Premier League clubs rely on owner handouts, Liverpool are a self-sustaining...