Fenway Sports Group's minority stake sale in Liverpool may be larger than initially reported, with The Athletic saying 1892 Holdings has agreed to buy about 38% of the Premier League club rather than the roughly 30% cited in early media reports. FSG said on Friday it had signed a definitive agreement to sell a minority stake to 1892 Holdings without disclosing the size or financial terms. The agreement also includes a mechanism that could allow 1892 Holdings to acquire a controlling stake within the next 12 months, although sources on both sides told The Athletic that the provision is an option rather than a formal commitment to make further investment. FSG will retain majority ownership and operational control under the current agreement. 1892 Holdings is led and managed by British-Indian businessman Amit Bhatia and includes investments from Bhatia, the Mittal Family Trusts, K5 Sports and EE Capital. Jeff Bezos is the lead investor in K5 Sports, while EE Capital is the family office of Elaine and Facebook co-founder Eduardo Saverin. The transaction underscores continued demand for elite sports assets, where investors are often drawn by scarce supply, global brands and long-term media and commercial growth.