Who are Dynasty Equity? FSG sell stake in Liverpool to New York investors

Liverpool owners Fenway Sports Group finally saw their search for minority investment reach a conclusion on Thursday.

The sale of a stake in the club to New York-based fund Dynasty Equity for a sum understood to be between $100m and $200m, with the funds used to pay off bank debt and not earmarked for transfer business, also came with FSG reaffirming their long-term commitment to the Reds, ending talk of a potential sale of the club.

Dynasty Equity’s stake in the Reds is their first move into football, and one that won’t bring with it any operational control. The company could expand what it does with FSG and Liverpool in the future, but for the foreseeable the capital they have provided has been used to service a debt that FSG didn’t want sitting on its balance sheet.

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But who are Dynasty Equity?

Sports investment industry veterans Jonathan M. Nelson and K. Don Cornwell co-founded Dynasty Equity last year. Nelson, with over 35 years of private equity experience, founded Providence Equity Partners, with the firm playing a significant role in investing in the Yankees Entertainment and Sports Network (YES) in the partnership with the MLS to create MLS Media.

Cornwell, a founding partner of PJT Partners, is a former Morgan Stanley executive, with the investment bank, along with Goldman Sachs, aiding FSG with the transaction. Prior to leaving Morgan Stanley, Cornwell served as Head of Global Sports Investment Banking and has experience in working on some of the largest and most complex sports and entertainment deals in the industry, including the sale of the Buffalo Bills