RedBird Capital, which owns a minority share in Fenway Sports Group—the parent company of Liverpool FC—has withdrawn from its planned £500 million acquisition of the Telegraph Media Group. This marks yet another dramatic development in the lengthy and turbulent two-year effort to sell the 170-year-old newspaper company.
A RedBird spokesperson confirmed the decision, saying: “RedBird has today withdrawn its bid for the Telegraph Media Group. We remain confident that the Telegraph and its world-class team have a strong future ahead, and we will continue working to support a solution that best serves its employees and readers.”
The move casts fresh uncertainty over the future of the Telegraph’s daily and Sunday editions, particularly after RedBird—founded by Gerry Cardinale—faced heavy scrutiny over alleged connections to China.
RedBird previously invested around £533 million into FSG in 2021, a deal considered vital for strengthening Liverpool’s finances after the Covid-19 pandemic. That investment also saw NBA icon LeBron James, Maverick Carter, and business partner Paul Wachter become part of FSG.
At the time of that investment, FSG leaders John W. Henry, Tom Werner, and Mike Gordon stated: “Our partnership with Gerry and the RedBird team will help us pursue new growth opportunities more quickly, while maintaining the strategic discipline that has benefited us for years. We’re also excited to welcome LeBron, Maverick, and Paul to the ownership group. We’ve collaborated successfully for over a decade, and their involvement marks a significant milestone that builds on a relationship dating back to 2010.
To our fans: winning remains our top priority. The continued growth of FSG enables us to strengthen our resources and our commitment to the communities we serve, and we look forward to having these exceptional partners join us for the next phase of FSG’s journey.”
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