LeBron James is now part-owner of the Boston Red Sox after becoming a partner in Fenway Sports Group, a source confirmed to The Athletic’s Evan Drellich.
The agreement includes James’ purchase of an undisclosed amount of FSG shares, according to a report from The Boston Globe. James, 36, already has a stake in the Liverpool Football Club, which is owned by Fenway Sports Group.
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James is also now a part-owner in the company’s other subsidiaries, including sports cable network NESN, NASCAR team Roush Fenway Racing and Fenway Sports Management.
The Lakers star is joined in the new partnership by Maverick Carter, his longtime business partner and friend. The pair become the first Black partners in FSG’s history.
FSG also approved a $750 million private investment that would make RedBird Capital Partners its third-largest partner, according to the Globe. However, the deal is contingent on Major League Baseball’s approval, according to The Globe.
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LeBron James the owner of the Red Sox? Sure, that's a great move
What today’s news says about FSG and its goals
Evan Drellich, senior baseball writer: Fenway Sports Group’s partners, led by John Henry and Tom Werner and Mike Gordon, have always been rather insatiable. From the Red Sox to Liverpool to Roush Racing, the group has constantly taken steps toward growth and expansion. Adding James into the mix only serves that end ― few people on the planet are more marketable or as recognizable. This is not just a sports enterprise anymore but a company aspiring to be a broader entertainment content hub. FSG is developing a theater near Fenway Park to host live events.
What this means for LeBron
Joe Vardon, senior NBA writer: I almost want to ask — what took so long? LeBron has been linked to Fenway Sports Group for years, since 2011, to be exact, when the marketing wing of the Red Sox’ controlling ownership group bought a stake into the marketing firm LeBron and Carter created, called LRMR. Through that partnership is how LeBron eventually became a minority owner of the Liverpool Football Club. The middle man was, and still is, Paul Wachter, LeBron’s longtime financial adviser who’s worked with the Red Sox and John Henry for years.
The financial terms of LeBron’s buy-in to Fenway Sports Group were not disclosed, but he typically does not pay big dollars for these ownership stakes. Also, this is not what he meant when he told me two years ago that he would eventually be a pro sports owner. He’s thinking much bigger.
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What does this mean for Liverpool?
Simon Hughes, Liverpool writer: This brings to an end a long hunt for a strategic partner for FSG, which has included trips to China and the Middle East. On both occasions, those trips came to nothing.
There was always a sense, though, that FSG favored an American partner that speaks the same sort of language. They are familiar with James and Cardinale, who leads RedBird Capital. Henry is very close to him.
The Athletic reported last month that FSG was not keen on buying another European club.
How will LeBron’s presence enhance the FSG brand?
Vardon: Interesting. Does Liverpool have decidedly more fans because LeBron owns 2 percent of the team, or whatever it is? Probably not. Liverpool was already its own brand, and the Red Sox can certainly say the same. In America, the Red Sox brand is iconic. And, if we are being realistic, how many Red Sox-Laker fans are there, really? Not many.
LeBron’s involvement broadens the baseball team’s appeal to casual fans and to LeBron/NBA fans outside of Boston who might give the club a look, just because his name is attached. Also, his role in society as an activist for social justice can soften the reputation of a sports town (and ballpark) that has been accused of racism by visiting teams recently.
(Photo: Chris Nicoll / USA Today)