Liverpool and Paris Saint-Germain, who are preparing to face each other in the Champions League quarter-finals, share an ownership link through the private equity firm Arctos.

Liverpool’s primary owners, of course, are Fenway Sports Group. Another private equity firm in Dynasty Equity meanwhile bought a direct but small stake in 2023.

This week, FSG confirmed that their plans to launch a multi-club network had been frozen, having explored takeovers of Bordeaux, Malaga, Monaco and others over the last year or so.

However, Liverpool do in fact already exist in something of a loose multi-club network. In fact, FSG’s search for a club to buy was aided by RedBird Capital, who own a stake in Fenway as well as Italian giants AC Milan and Ligue 1’s Toulouse.

Alongside those links, one of FSG’s single largest shareholders, Arctos, owns a significant minority stake in Paris Saint-Germain, as well as Serie A’s Atalanta, the MLS’s Portland Timbers and dozens of other sports assets.

In a move...