Thursday December 7, 2023

RedBall Strikes Out On Fenway Deal

David Butler II-USA TODAY Sports
Copy Link
Link Copied
Link Copied

Fenway Sports Group, parent company to the Boston Red Sox, has ended discussions to sell a minority stake to RedBall Acquisition at an approximately $8 billion valuation.

RedBall is a SPAC led by famed Oakland Athletics executive Billy Beane and investor Gerry Cardinale.

Reports came out in October that RedBall was looking to raise $1 billion for a roughly 25% stake in Fenway Sports Group, but the company says it could not raise enough capital at the asking price for the proposed SPAC structure, according to Axios

On top of the $575 million that RedBall raised in its IPO, the company also hoped to raise up to $950 million from Cardinale’s private equity firm, RedBird Capital Partners, as well as outside investors.

While negotiations to go public are over for now, Cardinale and Fenway Sports Group could still wind up with a private investment deal. Meanwhile, RedBall will still target an acquisition — potentially in soccer or gaming, Axios reported.

In addition to the Red Sox and Fenway Park, Fenway Sports Group’s properties include Liverpool F.C., New England Sports Network, the Salem Red Sox, Roush Fenway Racing and Fenway Sports Management.

The Red Sox were valued at an estimated $3.3 billion last year, according to Forbes, nearly ten times the $380 million the ownership group paid in 2002.

Copy Link
Link Copied
Link Copied

What to Read

Going Bananas: Barnstorming Baseball Team Proves Too Big For MLB Parks

Team draws more than 2 million entries into 2024 ticket lottery.

PGA Tour-PIF Negotiations Will Reportedly Miss Dec. 31 Deadline

Unresolved monetary issues help prompt sluggish pace to negotiations.

PGA Tour Still Focused On PIF Negotiations As Deadline Nears

The PGA Tour has a Dec. 31 deadline to complete a deal.
Jimmy Pitaro of ESPN

Disney Explores Equity Deal With NFL and NBA for ESPN Amid Financial Challenges

With company under pressure from Wall Street, talks are heating up to sell a stake in ESPN.
podcast thumbnail mobile
Front Office Sports Today

Why the NBA May Have Made Billions With Midseason Tournament


Featured Today

The College Football Playoff is considering rotating TV networks for the national championship game.

CFP Considers Super Bowl-Like Rotation For National Championship Game

Multiple networks could share rights to the championship game, sources told FOS.
Brett Favre
November 27, 2023

Favre Welfare Case Hold-Up? "AG’s Office Has Not Expressed Interest In Pursuing"

The DOJ interviewed Brett Favre in early 2020.
The future of the Pac-12 rests on a court decision.
November 24, 2023

The Pac-12 Plays Its Final Regular-Season Game. Then A Court Decides Its Fate.

The conference's future rests with a court decision.
Lane Kiffin
November 9, 2023

Ole Miss, Lane Kiffin Lawyers Argue for Dismissal of Player Lawsuit

FOS obtained audio of Lane Kiffin's interaction with the player behind lawsuit.


Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Multiple Locations
Multiple Locations
Creative Artists Agency
Multiple Locations
Shaun White Josh Harris

Josh Harris Doubles Down on Sports as an Asset Class with Latest Investment

Shaun White is partnering with Washington Commanders owners Josh Harris and David Blitzer to purchase an action sports camp.
PFL Bellator
November 20, 2023

PFL Completes Acquisition of Bellator, Readies to Challenge UFC

“Today, the MMA market changed,” PFL Founder Donn Davis said.
A view of a 1914 Baeb Ruth rookie card in a protective casing from the Sportscard Guaranty Company.
December 4, 2023

Babe Ruth Rookie Card Sets Player Record at $7.2M

It’s the most expensive piece of Babe Ruth memorabilia ever sold.

NHL’s Chris Foster on Amplifying Content Distribution With Automation

Learn how the NHL is using WSC Sports to increase fan engagement.
November 14, 2023

German Soccer Pushing $1.1B Rights Deal To Private Equity Investors

Governing body mounting third attempt for outside investment
CAA logo on side on building
November 13, 2023

CAA Forms Sports-Focused Investment Bank In Continued Expansion Push

Powerhouse agency looks to further expand dealmaking capabilities
Mercedes-AMG Petronas driver George Russell drives on the track during the Formula One Las Vegas Grand Prix Launch Party at Las Vegas Strip.
November 10, 2023

Ticket, Hotel Prices Plummet As Las Vegas GP Nears

Lack of competitive drama for F1 event fuels market crash
November 9, 2023

McMahon Selling $713M In TKO Stock, CEO Emanuel Could Be A Buyer

Bombshell announcement to bring big changes to company's ownership structure