Liverpool owners Fenway Sports Group are generally pretty risk-averse operators.
When FSG sanctioned £450m worth of investment in the transfer market last summer, it was seen as out-of-character.
While Liverpool have been known to splash out, they are, more often than not, quite conservative. The reason being that FSG don't want Liverpool's spending to exceed their revenues and require external investment, either from Fenway themselves or via debt.
John Henry is the single largest shareholder in FSG, controlling about 40 per cent of the company in total. But there are actually dozens of investors who Liverpool need to keep sweet.
Among those is Arctos, the private equity firm which, since a $1.4bn takeover in February, has been owned by KKR, one of the biggest companies by assets under management in the world.
They own about five per cent of FSG and, albeit indirectly, a corresponding stake in Liverpool . They also have equity in Paris Saint-Germain and Atalanta.
Photo by Clive Mason/Getty Images
UEFA has not deemed the links with those clubs significant enough to breach its conflict of interest rules, which are activated if two teams under the same ownership umbrella qualify for the Champions League, Europa League or Conference League at the same time.
And there could be a new team added to that stable shortly: Liverpool's Premier League rivals, Newcastle United .
Late last week, it emerged that Arctos were in talks with the Saudi Public Investment Fund about potentially acquiring a stake in Newcastle, either by buying directly into the club itself or its plans to build a new stadium.
Unlike at UEFA level, the Premier League's tolerance for arms-length ownership links, where one firm owns shares in the holding company which in turn owns a club, have not really been tested.
If Arctos do invest in Newcastle, that could change.
