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Liverpool supporters are angry and frustrated and rightly so.

Since the turn of the year the wheels have come off. Jurgen Klopp ’s side haven’t just dropped out of the Premier League title race, they have also vacated the top four and been beaten in both domestic cups.

Standards have slipped alarmingly. Momentum has been squandered. Weaknesses in the squad have been exposed as crestfallen Kopites come to terms with yet another trophyless season.

Many are looking for someone to pin the blame on and plenty of ire is being directed at those across the Atlantic with owners Fenway Sports Group finding their tenure under scrutiny.

The publication of private email exchanges between Liverpool’s principal owner John W Henry and fellow FSG executives prior to their £300million takeover in October 2010 have spread like wildfire on social media and been used as a stick to beat them with.

They haven’t been leaked, they were court submissions in the case between Mill Financial, the US hedge fund which made an 11th hour attempt to buy the Reds, and George Gillett Jnr, the former Liverpool co-owner. They were filed at the New York County Supreme Court in May 2015 and are freely available online.

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In August 2010 when FSG (then known as New England Sports Ventures) were considering tabling a bid for the debt-ridden club, Henry wrote: “There is a basic precept/combination that I have learned from Charlie Munger and Warren Buffett that interests me in Red.

“That is the concept of acquiring a top global brand at a discount price and ensuring it is well managed. I am interested now in trying to ascertain if this is indeed a major opportunity that would indeed diversify and strengthen NESV.”

Having looked into the prospect of buying Liverpool Football Club in more detail, Henry was more enthused as he later typed: “If we could acquire this for the debt, I really feel like we would be stealing this franchise.

“In some ways they really are in the dark ages — especially competitively. The best and brightest are not presently working on English soccer. But the English Premier League is bigger than the NFL, NASCAR, MLB and the NBA internationally. Only Formula One can begin to compare in viewership.

“This could be a steal. Every buyer believes what potential Red Sox buyers believed — you have to build a new stadium. And they believe the stadium will cost more than £350m! That’s why there are no bidders. We would probably take the same approach we took to Fenway Park. But we’d be looking to limit investment in the facility to 8 figures.

“Then how much is this worth if we recruit the best and the brightest to run the soccer operation?”

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The language used is undoubtedly clumsy and unfortunate. But despite the fury in some quarters, the fact is that those private emails don’t tell us anything about FSG that we didn’t know already.

They are an American sports investment company. They weren’t drawn to Anfield by the history and the tradition, the attraction was that it was an outstanding business opportunity.

Henry was right. It was ‘a steal’. Liverpool FC was in a mess at the time and was available at a knockdown rate.

With Forbes now valuing the club at £1.16billion, it’s proved to be a shrewd investment.

It’s also true that under their stewardship over the past seven years Liverpool FC has been transformed following the dark days under Tom Hicks and Gillett.

FSG have provided stability, they have put the club on a much sounder financial footing and in getting the new Main Stand built they found the perfect solution to one of the biggest issues they inherited.

Of course there have been blunders along the way, not least last year’s planned ticket price increases which triggered an unprecedented Anfield walkout and a swift apology and U-turn.

Despite the current mood of doom and gloom, it’s also worth remembering that Henry, Tom Werner and Mike Gordon pulled off a major coup when they secured the services of Klopp.

So what’s the problem? The current levels of vitriol stem from the belief that FSG simply haven’t invested enough cash in the pursuit of glory. That they haven’t backed the manager.

“We’re here to win. We have a tradition of winning,” said Henry following that dramatic triumph in the High Court in October 2010.

But a solitary League Cup triumph in 2012 is all they have to show for their tenure.

Liverpool have lost finals of the FA Cup, the League Cup and the Europa League. They have also been beaten in the semi-finals of both domestic cups and fallen agonisingly short in a Premier League title race they looked destined to win. Whenever they have looked set to take the next step, they have stumbled.

Only once during FSG’s reign have the Reds finished higher than sixth in the Premier League - that thrilling challenge of 2013-14 has been sandwiched by far too much mediocrity.

Say anything remotely positive about the owners and you risk getting shouted down as an ‘apologist’, but it’s worth remembering that from the off Henry and co warned they weren’t sugar daddies.

Liverpool FC has had to live within its means. The stark reality is that the Premier League club with the fifth highest turnover and the fifth highest wage bill currently sits fifth in the table.

Unable to compete at the top end of the market with the likes of Manchester United, Manchester City and Chelsea, the Reds have pursued a transfer policy which focuses on investing in young talent and developing it rather than buying the finished article to order to reach the summit.

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FSG have sanctioned an outlay of around £475m on signings over the past seven seasons with around £355m recouped from sales.

Brendan Rodgers may have bemoaned missing out on his top targets at times and having to settle for ‘committee signings’ but Klopp enjoys much greater control. He calls the shots.

Some have interpreted Liverpool’s inactivity in the January window as proof that FSG simply didn’t back Klopp, but both publicly and privately the manager is adamant that wasn’t the case. With those players he wanted not for sale, Klopp opted to sit tight and wait for the summer.

Should the Reds have bought? Undoubtedly. The folly of not having suitable reinforcements lined up to bolster the squad has been exposed by the downturn in results. The squad isn’t as strong as either Klopp, Michael Edwards or Gordon thought it was. But if there’s blame to be attached then it should be collective.

Mistakes have been made but a sense of perspective is important. Liverpool are just a point adrift of the Champions League spot which was Klopp’s No 1 target back in August.

This season isn’t a write-off and this isn’t the time to be looking for scapegoats.

Sixteen months ago FSG and Klopp embarked on a long-term project together and that bond remains strong.

The owners believe in the manager’s ability to deliver the glory which has proved elusive during their reign to date. And Klopp’s faith that they will give him the tools he needs to make that happen remains unwavering.