The King’s throne is in L.A., but his empire might now stretch to Boston.
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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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Dick’s Sporting Goods is looking to gain traction in the $83 billion athleisure market with the launch of an exclusive clothing line.
On Tuesday, Dick’s announced VRST, a men’s athleisure brand with items that retail between $30 and $120, per CNBC. It’s currently available on Dick’s and VRST websites, and will hit shelves at 400 brick-and-mortar locations in the coming weeks.
“When you see [VRST], it will be a very different product assortment from what we have with our core vendor partners right now, and it is a white space,” Dick’s CEO Lauren Hobart said during an earnings call.
Men’s activewear accounted for 45% of the total men’s apparel market in 2020 compared to 39% in 2019, according to The NPD Group.
The VRST launch follows the success of Calia by Carrie Underwood, an athleisure line that Dick’s launched in 2015. Nike was the only women’s apparel brand that had better sales than Calia at Dick’s in 2020.
In-house brands, in general, have been lucrative for Dick’s. Last year, Dick’s in-house brands saw $1.3 billion in sales; the company’s total revenue for the year was $9.58 billion.
VRST will compete with Lululemon and many others in the market. Earlier this month, Kohl’s launched in-house activewear line FLX. Target’s in-house athleisure brand All In Motion reported $1 billion in sales in its first year.
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Orlando Ramirez-USA TODAY Sports/Design: Alex Brooks
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Fall 2023 will mark the first season of the WXV — a women’s rugby league comprising 16 teams across the globe. The new league was announced today.
The WXV will take place every year, besides Rugby World Cup years, and consists of three tiers. The first tier, WXV1, will have a cross-pool format in a one-location tournament determined each year.
The league was formed partially as a way for athletes to prepare for the 2025 World Cup. The Women’s Rugby World Cup that was supposed to take place this year was postponed to 2022.
“This is an ambitious, long-term commitment to make the global game more competitive, to grow the women’s game and support the expansion of Rugby World Cup to 16 teams from 2025 and beyond,” said World Rugby chairman Bill Beaumont.
World Rugby plans to invest $8.85 million in the women’s league over the first two years. Teams will qualify depending on the outcome of their annual regional competitions, including the Women’s Six Nations.
Female participation in rugby was at an all-time high in 2019 with 2.7 million players worldwide.
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- Neymar Jr. will have a skin in the new season of “Fortnite,” allowing gamers to play as the Brazilian soccer star. Lara Croft of the “Tomb Raider” series will also be introduced as a player skin.
- Collin Sexton liked a tweet saying that his Cleveland Cavaliers teammate Kevin Love “stole $120 million from the Cleveland Cavaliers. Heist of the century.” Love is in the second year of a four-year, $120 million contract extension, but has dealt with injuries and played in less than half the team’s games since signing the deal.
- Under Armour is looking to sublease its once-coveted Fifth Avenue building in New York City before ever moving in. The athleticwear brand secured the lease of the midtown property that once housed famous toy store FAO Schwartz in 2016.
- March Subscriber Giveaway: We’re giving away a $500 Airbnb gift card this month for you to use whenever you’re ready to travel again. For every friend or colleague who subscribes to FOS with your custom referral link by the end of March, you get one entry into our giveaway. If you don’t win the $500 gift card, five runners-up will also win an FOS VIP care package.
- Share in one tap (Email // Twitter // Facebook) or copy-and-paste your custom referral link: [RH REF LINK]
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U.S. stocks were mixed on Tuesday following a U.S. retail sales report that failed to meet expectations. Here’s a look at how sports-related stocks performed:
Up:
Rogers Communications Inc. (NYSE: RCI) gained 5.69%
Fox Corporation (NASDAQ: FOXA) gained 3.47%
Rush Street Interactive, Inc. (NYSE: RSI) gained 2.29%
Down:
Penn National Gaming, Inc. (NASDAQ: PENN) dropped 8.77%
Scientific Games Corporation (NASDAQ: SGMS) dropped 7.17%
GameStop Corp (NYSE: GME) dropped 5.69%
(Note: All as of market close on 3/16/21)
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The Boston Celtics (20-18) host the Utah Jazz (28-10) tonight at TD Garden. Utah is on the second game of a five-game road swing with the NBA’s best record.
How to Watch:
7:30 p.m. ET on TNT
Betting Odds:
Jazz -4 || ML -175 || O/U 227.5
Pick: The Jazz travel to Boston looking to avenge an unexpected loss against the Golden State Warriors on Sunday. In February, the Jazz handed the Celtics a 122-108 loss in the middle of a nine-game winning streak. Despite being 0-6 against the spread in their six games in March, the Jazz should end that streak in Boston. Take the Jazz to cover and lean over.
Who ya got? Reply to this newsletter with your prediction for the Jazz-Celtics winner, final score, and high scorer. Nail it and you get a mention in Wednesday’s FOS PM. Don’t forget to include your Twitter handle.
Shoutout: On Monday, we asked you to pick the winner, final score, and high scorer of the Lakers-Warriors tilt. FOS reader Cory Hansen (@coryhansen) nailed the Lakers’ exact winning score of 128 while FOS reader Scott McAdams (@scottiemac100) nailed the high scorer, picking Steph Curry who had 27 points. Montrezl Harrell of the Lakers also finished with 27.
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