Fourteen years since John W. Henry first graced the High Court steps as Liverpool's new principal owner, Fenway Sports Group's transformation has been just as profound as the Reds' .
From securing the sporting giant at a mere $391million (£300m) following Tom Hicks and George Gillett's catastrophic tenure, FSG's stewardship has seen Liverpool's value rocket to an eye-watering $5.6billion (£4.3bn), courtesy of Forbes valuation.
But what a turnaround it's been for a club that was teetering on the abyss of administration before New England Sports Ventures, as it was then known, swooped in. Fast-forward to the Jurgen Klopp golden age, and the tales of success are no secret.
Yet, even amidst triumph, the Boston power brokers have navigated uncertain waters over these past couple of years, dealing with transitions both within the corridors of the Kop and across the pond.
When the story broke, an official statement was swiftly cobbled together as a strategic move for the press hounds clamoring for clarity. The statement stopped short of a full-blown 'for sale' sign but hinted strongly at the possibility.
"FSG has frequently received expressions of interest from third parties seeking to become shareholders in Liverpool," it read. "FSG has said before that under the right terms and conditions we would consider new shareholders if it was in the best interests of Liverpool as a club."
Inevitably, this sparked a wave of reports about potential interest from parties in India, Saudi Arabia, Qatar and Germany, among others. However, the buzz eventually died down and FSG retained control of the Shankly Gates.
During this time, they continued to manage their third major expansion of club-owned infrastructure with the $104m (£80m) Anfield Road development project.
Klopp's decision, 11 months ago, to inform the American owners of his intention to leave Liverpool at the end of last season triggered a reshuffle in the Boston boardroom. Michael Edwards , the former sporting director, was brought in with a new job title - 'CEO of football', to jumpstart the multi-model that was now being prioritized as Mike Gordon took a planned step back from the front line at Anfield.
Gordon, who had been the most involved member of the ownership group and Klopp's trusted advisor on all matters, has now been replaced by Edwards as the head of Liverpool. Julian Ward , his protégé for the role of sporting director, was also reintegrated into the team alongside Pedro Marques, who was hired from Benfica, and Hans Leitert, who joined earlier this year as global head of goalkeeping.
The series of appointments made between March and May have set FSG up for long-term stability. With Arne Slot and a new backroom staff managing things on the pitch and at the AXA Training Centre, it seems the club and its owners are well-equipped for the upcoming chapters of their ownership journey.
Manchester City's army of supporters, particularly the vocal and fiercely argumentative online faction, may rally behind their club's owners due to the recent successes they've brought. However, the storm of legal proceedings and the avalanche of headlines that have ensued will undoubtedly have some at Anfield breathing a sigh of relief that they're not embroiled in similar situations.
The 115 charges are casting a particularly long shadow over their accomplishments, and the verdict on this case will have monumental implications for the entire English football scene.
That being said, the American ownership at Liverpool hasn't been without its flaws. Their decision to furlough some of the lowest-paid staff members at the onset of the COVID-19 pandemic in 2020 was met with severe backlash, leading to a swift reversal.
Attempts to trademark the word 'Liverpool' were also met with strong resistance, resulting in another retreat, while the Reds' involvement in the ill-fated Super League was another contentious move that quickly fell apart, culminating in a formal and public apology from Henry via video link in April 2021.
This, therefore, feels like the true 'Liverpool 2.0', as Klopp famously dubbed his team last year following a series of changes within his squad. At the time, the phrase was used in reference to a midfield overhaul that saw four arrivals and five departures, including Jordan Henderson , Fabinho , James Milner , Naby Keita and Alex Oxlade-Chamberlain .
The significant shift within FSG itself and the unprecedented external recruitment of a full-time sporting director should be the real point of discussion about a reset at the club, though.
Reflecting on the recent overhaul, Fenway might reminisce about their early days in 2010, back when they were NESV, overseeing a Roy Hodgson-led team and a club valued at a mere $391m (£300m). They can justifiably feel that their tenure has seen more peaks than troughs.
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