The Athletic FC Podcast

Episode: Are FSG letting Liverpool drift?

Date: April 7, 2026
Host: Ayo Akinwolere
Guests: Simon Hughes, Matt Slater

Overview

This episode delves into the growing sense of unease at Liverpool FC, questioning whether Fenway Sports Group (FSG) — the club’s American owners — have lost grip over the direction of the club. The panel analyzes issues on and off the pitch, including the recent capitulation to Manchester City, the club’s failed multi-club ownership (MCO) ambitions, the stalled vision for expansion, leadership challenges, and what these mean for Liverpool’s future stability.

Key Discussion Points and Insights

1. Fallout from the Manchester City Defeat and On-Pitch Issues

• Liverpool lost 4-0 at the Etihad, a result that exposed worrying signs across the team.
• Arne Slot (head coach), Virgil van Dijk, and Dominik Szoboszlai all lamented a lack of fighting spirit—indicative of deeper cultural and motivational problems.

“It was a surrender of the worst kind... from here, it could get worse before it gets better.” — Simon Hughes (01:40)

• The result has placed Liverpool’s Champions League qualification hopes in jeopardy. The coming fixtures—away at Everton, Manchester United, and Aston Villa—are pivotal.
• Noted a comparison to Liverpool’s 2005 Champions League triumph, highlighting the absence of similar self-belief and conditions in the current squad.

2. Decline of Mo Salah and Wider Leadership Issues

• Mo Salah’s Influence
  • Salah missed a penalty and several key chances, sparking debate about his diminishing impact and suitability for Liverpool’s future.

"I've really thought he's been awful... some games I've seen, I've just thought you're one of the worst players on the pitch. If it wasn't Mo Salah, you'd have been off 15, 20 minutes ago." — Matt Slater (04:18)

• While acknowledging Salah’s historic contributions, the panel pivots to criticize a broader malaise: lack of leadership and accountability among senior squad members.

• Squad Disconnect and Cultural Misalignment

  • Simon Hughes points to social media faux pas, disrespect to fans, and an erosion of "what it means to be a Liverpool player."
  • There’s a “huge disconnect” between players and the club’s values, exacerbated by a lack of “institutional memory”—few at the club embody its history or educate newcomers.

"There's something culturally not quite right within that squad at the moment." — Simon Hughes (06:32)

3. Governance Instability: MCO Ambitions Collapsing

• FSG’s Multi-Club Ownership (MCO) Vision
  • In 2024, FSG signaled ambition to replicate City Football Group’s multi-club model, but have since stalled and reconsidered, seeing the business case as unproven and fraught with operational and regulatory headaches.
  • UEFA’s competition rules further complicate multi-club ownership.

"Running one club is really, really hard and complicated and expensive. Running several is even harder and more expensive." — Matt Slater (12:13)

• Impact on Michael Edwards’ Return
  • Michael Edwards, who returned as FSG CEO of Football in 2024, was motivated by the MCO expansion project. With the plan shelved, he’s now reportedly frustrated and underutilized.

"His role... I don't want to say redundant but he certainly doesn't have more responsibilities now than he did two years ago." — Simon Hughes (18:56)

• Contractual Drift
  • The contracts of Edwards, sporting director Richard Hughes, and head coach Arne Slot all expire in 2027, creating a looming leadership void.
  • Edwards and Hughes have received interest from the Saudi Pro League, intensifying uncertainty.

"Drift is allowing contracts to run down of key personnel... and doing nothing about it." — Simon Hughes (29:23)

4. FSG’s Broader Strategy and Critique

• Profit, Risk Aversion, and Fan Perception

  • FSG is described as risk-averse, reluctant to jeopardize their successful investment in Liverpool, especially after profiting on other sports franchises.
  • While they’ve delivered trophies, recent decisions on and off-pitch (including ticket price hikes and on-field failings) have fanned discontent.

• Comparison to Other FSG Ventures

  • There is growing apprehension among fans, drawing comparisons to stagnation at Boston Red Sox (also FSG-owned), where supporters have started calling for ownership change after post-2018 decline.

"You look at what's going on at the Boston Red Sox... huge concern about the direction there." — Simon Hughes (31:24)

5. Managerial Future and Champions League Imperative

• Arne Slot’s Position
  • Slot, despite early success, is under pressure. The consensus is clear: failure to secure Champions League football would bring substantial financial and sporting consequences.
  • FSG’s history suggests possible managerial changes if expectations aren’t met.

"Slot is in huge, huge pressure come 6th, 7th, 8th. Well, do they even want to join the Conference League?..." — Matt Slater (34:16)

• The Online vs. Match-Going Fan Divide
  • Online and international fans are perceived as less patient, adding to pressure on management and players. This globalized, commercial approach to fandom has “amplified the noise.”

6. The Notion of “Drift” — Semantics and Reality

• Is Liverpool Drifting?
  • Matt Slater contests the term, arguing that poor strategic decisions differ from true drift, but warns that letting key contracts run out with no succession plan would qualify as organizational drift.
  • Simon Hughes insists Liverpool risk “drifting towards a significant problem” if strategic clarity and leadership aren’t restored soon.

Notable Quotes and Memorable Moments

• On the depth of Liverpool’s problems:
  "Right across the team there's question marks. Not a single player came out of that game against City with any credit." — Simon Hughes (05:44)

• On failed multi-club ambitions:
  "The positives [of MCO] remain unproven. The negatives are there. Very obviously, it's a headache every summer." — Matt Slater (15:45)

• On the risk of mass leadership exits:
  "A situation where all three key figureheads at Liverpool's contract run out at the same time and there's absolutely no clarity on what's going to happen... it's a point of major concern..." — Simon Hughes (29:47)

Timestamps for Major Segments

• 00:34–02:23: Debrief on the Man City defeat; collapse in fighting spirit
• 02:23–05:39: Mo Salah’s drop-off; wider leadership void
• 05:39–10:06: Culture and “Liverpool player” identity crisis
• 10:13–17:48: FSG’s MCO ambitions unpacked; why expansion plans faltered
• 17:48–23:27: Michael Edwards’ motivation and frustration
• 23:27–29:23: Leadership succession uncertainty; Saudi interest; are FSG letting Liverpool drift?
• 33:18–38:48: Champions League imperative; Arne Slot under pressure
• 38:48–44:27: How failure to act could cement Liverpool’s “drift” and leave them behind rivals

Conclusion

The episode paints a picture of a club at a crossroads: successful in recent years, but facing mounting structural, cultural, and strategic challenges. The drift may not be terminal yet, but — unless FSG acts decisively to address leadership succession, clarify strategic priorities, and reconnect with Liverpool’s identity — the risk of decline grows.