When Fenway Sports Group, the parent company of the Boston Red Sox, acquired Liverpool in October of 2010, it was warmly greeted by the overwhelming majority of club supporters. Part of it had to do with the extreme unpopularity of the previous owners, Tom Hicks and George Gillett Jr., whose leveraged acquisition had saddled the club with plenty of debt. But a lot of it was down to the fact that FSG looked to have a clear vision for the club and what was likely to be a long and tricky rebuilding job for England's most popular and successful club, alongside Manchester United.

Nearly...