Valuation of sports is difficult. Good will, the favourable attitude of the public towards a product, is as much an asset as a stadium. H&G has debased Liverpool FC's reputation as much as they have plunged it into debt. The team they have put on the field is, at this early stage of the season, underperforming recent Liverpool teams. Huge debt, bad will towards the owners, a faltering team, an aged stadium and the possibility of relegation are negative assets. The positive assets are faithful supporters, a relatively steady income from tickets, television, merchandise etc., a proud reputation and history, and a stadium which possibly can be renovated, or, in case that isn't possible, land set aside for a new stadium. It's hard to believe that Liverpool FC is now worth more than what H&G paid for it, even adding a factor for inflation.
In theory, there is no difference between theory and practice. In practice there is.