Liverpool owners Fenway Sports Group may have been forced to modify their plans to take over a new club in light of the latest revelation around Man City’s multi-club network.

City Football Group, who own 12 clubs in five different continents, have long been held up as the example to follow when it comes to multi-club ownership.

But as reported by Associated Press, the Abu Dhabi-backed group have hit a major hurdle with La Liga side Girona, who have been one of their biggest success stories until now.

The Catalan outfit have qualified for the Champions League next season but will be demoted to the Europa League unless City Football Group sell a big enough stake in the club to drop below 30 per cent.

Given that FSG have been linked with a number of clubs in Europe, the precedent this latest development sets is not likely to fill them with optimism.

Why Liverpool want to establish a multi-club network

Man City have seen the benefits from multi-club ownership for a number of years now – and Liverpool want in.

The behind-the-scenes appointments of Michael Edwards, Richard Hughes and Julian Ward, all known proponents of the model, will further usher them down the multi-club path.

From a commercial perspective, these networks give clubs the opportunity to pool sponsorship and merchandising rights, creating a brand that is cross-market and goes beyond a single club.

In terms of football, multi-club systems act as a natural scouting network and allow the mothership to benefit from a natural player development pipeline.

This model has previously functioned as a workaround for the points-based post-Brexit transfer system for City and others, although there are measures being taken at governance level to tighten this loophole.

Significantly, Liverpool are already part of a multi-sport model.

FSG’s empire began with the Boston Red Sox and has since expanded to include NASCAR’s RFK Racing brand, NHL side the Pittsburgh Penguins and a handful of smaller US sports teams.

Which clubs do FSG want to buy?

FSG have previously been linked with French Ligue 1 side Toulouse as well as a number of other clubs in Europe.

But the precedent set by UEFA with their new directive to City may now shift the Boston-based group’s attention elsewhere.

FSG have also reportedly explore the possibility of completing a takeover in the MLS, which would be a huge investment given that the franchise nature of the league has made the clubs some of the most valuable in the world.

Alternatively, FSG could look to the South American market, where many investors believe there are bargains to be had.

Historic club Vasco da Gama could soon be for sale given the financial problems surrounding their owners 777 Partners, whose attempt to take over Liverpool rivals Everton now appears doomed.

Mexico and Argentina are also considered growing markets where an acquisition might be more affordable than Brazil.