Ciaran Morrison

Sat 28 March 2026 12:00, UK

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Liverpool would have had to have thought about many factors when deciding whether to set up a multi-club model.

That is according to ex-Everton, Aston Villa, and Aberdeen chief executive Keith Wyness, speaking exclusively to Football Insider, after Fenway Sports Group decided against setting up a multi-club ownership model at Liverpool.

The Reds had been looking to purchase a second club ever since Michael Edwards returned to Anfield as chief executive in 2024.

Premier League rivals Manchester City and Chelsea are among the clubs who have a multi-club structure, which is often used to help with the transfer of players.

Liverpool’s financial status could have improved if their multi-club model would have proved successful, but there are risks attached to owning a portfolio of clubs.

Keith Wyness reveals ‘reality’ of multi-club ownership

Everton’s former chief Keith Wyness – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs – believes Liverpool could have lost money setting up a multi-club model.

Speaking on the new edition of Football Insider‘s Inside Track podcast, Wyness thinks the success of City Football Group has given football fans the wrong perception of what owning multiple clubs entails.

He told Football Insider‘s Inside Track podcast: “Yeah, look, the multi-club situation is something I’ve observed, and I’ve been part of when I’ve gone out looking to buy and acquire other clubs as well.

“I think it’s been mistaken by many fans as to what it really means. City Football Group started the trend, and now they’ve got 12 or 13 clubs. The problem has been, and we saw with groups like 777, which was the car crash of multi-club ownerships, that, to me, the problem has always been that people thought if you just had three or four clubs in different countries, you could start getting all these great relationships between the clubs.

“Feeding players at different types of their development, sharing sponsors and keeping the accountancy costs low, because you could do it across all the clubs for the same people. 

“In reality, it just doesn’t work like that. And what you tend to end up is if you buy four clubs that are all losing money, and then you think you can turn them around, and what you end up with is four times the losses and not necessarily four better clubs that are growing.”  

Richard Hughes has exit decision to make

Former Manchester City financial advisor Stefan Borson has told Football Insider that sporting director Richard Hughes could triple his salary if he leaves Liverpool and moves to Saudi Arabia.

Hughes is on a three-man shortlist at Saudi club Al-Ahli to become their next sporting director, with the 46-year-old having overseen Liverpool’s transfer strategy since 2024.

Liverpool’s transfer business last summer has meant scrutiny on Hughes’ position at the club, but he enjoyed nearly a decade successfully working at Bournemouth as their technical director.