There is an option that would allow 1892 Holdings to become majority owners within a year, though that does not involve a formal commitment.
But the very inclusion of it does pose the question as to what the long-term vision is for FSG with Liverpool.
Jay McKenna, chair of the supporters union Spirit of Shankly, told the Liverpool Echo, external: “One of the questions we will be asking is that we have been led to understand this change of ownership is guaranteed. We want to understand that and want to put it to FSG and the new owners.
“If we were told that the investors don’t have the right to [complete a full takeover] or if it’s just an option, and then next summer the club gets sold, then we will want to know why we weren’t told.”
When FSG bought Liverpool for £300m in 2010 the club were, according to current CEO Billy Hogan, “literally on the brink of bankruptcy”.
Sixteen years later, this deal is said to value the club between £5bn and £6bn, meaning the club is worth more than 15 times its value in 2010.
“It’s a great deal for FSG,” football finance expert Kieran Maguire told BBC Sport.
“They generate more than £1bn from the deal and still keep control – this represents the best of both worlds.”
But for how long do FSG remain in control?
The partnership may have been announced as a minority stake, but make no mistake that these are major developments at Liverpool.
BBC Sport was told the motivation behind the deal was to help Liverpool‘s reach across global business, technology and investment, including in India and across Asia – rather than just for pure investment.
FSG believes the effects will be seen across the coming months. But the same period also looks set to bring uncertainty and speculation as to who will be running the club next summer.
