Liverpool's reported interest from major outside investors is a reminder of just how far the club's value has risen under Fenway Sports Group (FSG).
The argument is simple: without the foundations built by FSG, Liverpool may not be the hugely attractive investment opportunity it is today.
Since taking control of Liverpool, FSG have transformed the club's commercial operation and invested heavily in its infrastructure. The redevelopment of the AXA Training Centre and the continued development of Liverpool's academy have helped create a clearer pathway from youth football into the first team.
But the biggest impact has arguably been the football structure.
FSG's decision to appoint Jürgen Klopp proved pivotal. Alongside figures such as Michael Edwards, Richard Hughes and other key members of Liverpool's sporting operation, the club developed a recruitment and squad-building model capable of competing at the highest level.
That success has subsequently driven Liverpool's value to unprecedented levels.
The idea of outside investment from some of the world's wealthiest individuals therefore isn't simply about the money being brought into Liverpool. It is also a reflection of the value created within the club.
A potential minority investment would represent a significant valuation of Liverpool and could give new investors access to one of the world's most commercially powerful football clubs.
Of course, the identity and motivations of potential investors would inevitably create debate among supporters. Questions surrounding the source of their wealth, their intentions and what investment would mean for Liverpool's future are entirely legitimate.
But whatever happens next, it is difficult to ignore the role FSG have played in getting Liverpool to this point.
From infrastructure and academy development to the appointment of Klopp and the construction of an elite squad, the foundations laid over the past decade have helped turn Liverpool into one of football's most valuable assets.
And that may ultimately be why the club is now attracting interest from investors operating on an entirely different financial level.