Fenway Sports Group, the Boston-based overlords of Liverpool FC, are in talks to sell a 30% stake to a consortium led by former QPR co-owner Amit Bhatia and backed by his father-in-law Lakshmi Mittal, the billionaire Indian steel magnate who presumably has enough spare change under the couch cushions. The Guardian understands an offer of around £1.35bn is on the table, valuing the club at a cool £4.5bn - a figure that has industry sources choking on their tea, though it's apparently in line with recent deals.

FSG confirmed negotiations in a statement to the Financial Times, noting that the consortium has expressed interest in a "strategic minority investment." Talks have been going on for three months, which is roughly how long it takes to count Mittal's estimated £23bn net worth. FSG bought Liverpool for £300m in 2010, so if this goes through, they'll have turned a tidy profit - spectacular even by the standards of people who already own the Boston Red Sox and Pittsburgh Penguins.

The valuation, while eyebrow-raising, follows precedent: Chelsea sold for £4.25bn four years ago (though £2.5bn of that went into a frozen bank account, which is a whole other thing), and Sir Jim Ratcliffe's 25% of Manchester United in 2024 valued that club at £4.3bn. To show he's serious, Bhatia resigned as a QPR director after 19 years, saying the club was "a deeply important part of my life" - which is a classy way to say he's moving on to bigger and redder things.

Meanwhile, Liverpool are in the US for a pre-season tour under new head coach Andoni Iraola, starting with a game against Sunderland in Nashville on Saturday. No word on whether the new investors will demand a cut of the concession stand profits.