The Los Angeles Lakers star LeBron James is joining the Fenway Sports Group as a partner and investing in its subsidiaries, which include the Boston Red Sox, Liverpool Football Club, Roush Fenway Racing and regional sports network NESN, sources ESPN shared With.
James, 36, already owned 2% of Liverpool, the current English Premier League champions. James and his business partner Maverick Carter will become the company’s first black partners when they join FSG and expand its investment.
FSG is one of the largest sports companies in the world, and James’ involvement will only increase its reach. In addition to James coming on board, FSG received a $ 750 million investment from RedBird Capital Partners, the first to announce James’ stake, according to The Boston Globe.
Due to league rules that prevent current players from owning portions of the NBA or WNBA, James, who according to Forbes has made more than $ 1 billion in his career, has settled with a conglomerate that is involved in owning the Red Sox started. The widespread presence of FSG could be further expanded with the addition of cash from RedBird Capital.
FSG bought Liverpool in 2010 for $ 493 million – and James participated in the investment for $ 6.5 million. The FSG turned down a $ 2.6 billion offer for the team in August 2018, bringing James a double-digit million dollar return on his original investment.
James wasn’t shy about his desire to own an NBA team. At the NBA All-Star Game in 2019, he told reporters that upon retirement he said, “I think if I wanted I could own a team or be part of a basketball team. I know I have so much knowledge of the game that I don’t want when I stop playing – just me [do not] want to get away from the game. “
In January, when the WNBA’s Atlanta Dream went on sale, James tweeted, “I think I put together an owning group for The Dream.” He helped Renee Montgomery, the former WNBA player and activist, meet with Commissioner Cathy Engelbert before she teamed up with two partners to complete the purchase.
With the Red Sox, James becomes a limited partnership in one of Major League Baseball’s jewel franchises. The team is estimated to be worth more than $ 3 billion. Although the competitive division of the American League East is expected to fall behind this season, Boston has made significant improvements to its farming system and should increase its payroll for the 2022 season after cutting back spending in the past 2 years.
James’ connection with FSG goes deeper than his investment in Liverpool. Among the executive producers of the comedy “Survivor’s Remorse,” which aired for four seasons on Starz: James, Carter and Tom Werner, longtime television producer and chairman of the Red Sox and Liverpool. Werner has the second largest stake in FSG after the main owner John Henry.