Liverpool chief executive Billy Hogan has spoken candidly about the club's ongoing minority investment talks, the appointment of Andoni Iraola as head coach, and what he describes as a period of unavoidable transition — all while the club prepares to face Wrexham at Yankee Stadium in New York on Wednesday evening.

Minority investment and FSG's commitment

Last week, Fenway Sports Group (FSG) confirmed that a consortium led by British-Indian businessman Amit Bhatia had entered discussions over a strategic minority stake in Liverpool. Hogan, speaking to BBC Sport in New York, was measured in his response.

"John Henry and FSG have always said that if there was an interest in an investment that would help the football club, then they would consider it," Hogan said. "That was said many years ago and that remains the case here."

He declined to add detail beyond the club's official statement but emphasised that FSG remain fully committed to the project. According to the Financial Times, a deal with the Bhatia-led consortium would value Liverpool at more than £4.5bn. Hogan, who joined FSG when they purchased Liverpool for £300m in 2010, pointed to the club's financial standing as evidence of the group's long-term intent.

"We were fifth in the Deloitte Football Money League and had the highest revenue — £702m — in the Premier League," he said. "All of that investment, as has always been the case since 2010, goes back into the club."

A summer of change on and off the pitch

Liverpool's 2024-25 season was torrid by any measure. A record outlay of £450m failed to translate into silverware, ultimately costing Arne Slot his job at the campaign's end. Senior figures Mohamed Salah, Andy Robertson, and Ibrahima Konate all departed on free transfers, while Michael Edwards stepped down as FSG's CEO of football after plans for multi-club ownership were shelved. Sporting director Richard Hughes has also been linked with a move to Al Hilal in Saudi Arabia.

"Transition and change is inevitable in football," Hogan acknowledged. "In our case, with a new coach coming in, there's real excitement around Andoni's mindset and philosophy that supporters will really enjoy. I would send a message that we are in a very healthy place as a football club."

He was also keen to contextualise Liverpool's spending record under FSG, noting that investment levels vary by need — pointing to the summer of 2024, when Federico Chiesa arrived for just £12.5m as the sole addition. Ultimately, he said, those decisions rest with managing owner Mike Gordon.

Women's team and Anfield's future

Hogan acknowledged that the women's team — who finished 11th in the WSL last season and have not claimed a top-flight title since 2014 — had been neglected in previous years.

"To be self-critical, that is probably an area that we maybe took our eye off the ball several years ago but we've changed that," he said. "We now have one of the best training centres at AXA Melwood, we are investing in the squad, and we will approach the women's team the same way we approach the men's team."

On Anfield itself, Hogan expressed pride in the ground's expansion over the past decade — two of the four stands have been redeveloped — while stressing the importance of developing the neighbourhood around the stadium. He reflected on how close the club came to bankruptcy when FSG arrived in 2010, contrasting that moment with Liverpool's current financial solidity.

"Ultimately, it's about winning trophies," he said. "I often think about the fan parks at the Champions League finals — we lost a couple but just that joy and the memories is what I look back on from time to time. We all want this club to be the best in the world."