I think we can broadly split FSG's tenure into 3 phases:
Phase 1: 2010 to 2015
This was where they cut their teeth, and we had Hodgson, Kenny, and then Rodgers at the helm. We won a trophy, enjoyed a genuine title challenge, and decided to remain at Anfield and develop the stadium. There were high points of 2013/14, and signings like Suarez, Sturridge, Sterling, Coutinho, Hendo, Gomez and Milner. On the flipside there was the transfer committee shenanigans, the dark days of the owl, and players like Balotelli, Borini, Konchesky and Carroll.
Phase 2: 2015 to 2020
This was when everything ramped up - Jurgen, the stadium, transfers, commercial revenues, the plans to bring the academy and first team together, and lots of developments behind the scenes with recruitment, data, fitness, medical personel and technology. We won number 6, number 19, racked up insane points totals, and had an incredible ride that none of us ever wanted to end.
Phase 3: 2020 to 2022
This is arguably when things began to shift - possibly because FSG felt they'd done enough, or possibly because of the ARE and Kirkby investments plus all the contract extensions (meaning less money was available), or possibly because of the uncertainty during the pandemic and the unknown risks ahead. No doubt their faith in FFP, their plans to join the ESL, and their trust in Jurgen to keep delivering will also have played a part. Injuries were on the rise, after 5 years of herculean efforts against the cheats in the league. An injury crisis in 2020/21 was followed be a late surge for 3rd and then one of the best seasons in my lifetime.
Phase four: 2022 to ?
There's no doubt we need some big decisions, and that whatever the reasons might be (injuries, ageing players, fatigue, transfer failings), this group doesn't seem to have the same spirit, intensity or shape, despite a brilliant performance against City. This can still be a successful season, but questions have rightly been asked about our injury record, transfers, and apparent loss of focus/sharpness. As the main stand and our commercial deals continue to bear fruit, the new ARE gets ready for next summer, and several players reach the end of their contracts, now would be the perfect time to make the next big step - even if it seems a season (or two) too late for some.