Saturday December 9, 2023

LeBron James Expanding Portfolio with Fenway Investment

  • LeBron James is buying into Fenway Sports Group, owner of the Boston Red Sox and other properties.
  • If approved, the deal will make James and friend Maverick Carter the group's first two Black partners.
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LeBron James is buying into Fenway Sports Group, which owns the Boston Red Sox, at an undisclosed number of shares. James has been part-owner of Premier League club Liverpool, which is also owned by FSG, since 2011.

The four-time NBA champion and his business partner Maverick Carter are set to become Fenway Sports Group’s first Black partners. James also brings celebrity pedigree to a league whose owners are largely anonymous.

The investment will make The King part-owner of other FSG properties as well, namely the Red Sox and Boston Bruins’ primary broadcaster New England Sports Network, Roush Fenway Racing, and Fenway Sports Management.

RedBird Capital Partners invested $750 million in FSG for an 11% stake — making it the company’s third-largest shareholder. The investment values FSG at approximately $7.35 billion.

The ownership group is believed to have its sights on more franchises, looking to make acquisitions across nearly every major sports league, as well as betting, esports, and analytics companies.

The deal still requires the approval of Major League Baseball, which may delay its completion by several weeks. A source with knowledge of the negotiations told Front Office Sports that the deal is close, but it hasn’t been finalized. A spokesperson for RedBird declined to comment.

James, a known Yankees fan, appears to be switching allegiances in baseball’s most storied rivalry. If he can secure a World Series ring as part-owner of the Red Sox, James can add Boston to the list of cities where he has won championships, which already includes Miami, Cleveland, and Los Angeles.

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