LeBron James joins Fenway Sports Group as a partner and becomes part-owner of its subsidiaries.
Los Angeles Lakers star
, who has already owned 2% ofLiverpool
, is joining
Fenway Sports Group
as a partner, which gives him an ownership stake in its subsidiaries that include the Boston Red Sox, Liverpool Football Club, Roush Fenway Racing, and the regional sports network NESN, according toESPN
By joining FSG, James and his business partner Maverick Carter are going to be the company’s first Black partners.
"I think for me and for my partner, Maverick, to be the first two Black men to be a part of that ownership group in the history of that franchise, I think it's pretty damn cool," James said. "It gives me and people that look like me hope and inspiration that they can be in a position like that as well, that it can be done. It gives my kids at my I Promise School more and more inspiration as well.”
According to the league rules, current players can not own portions of NBA or WNBA and therefore James, who has earned more than 1$ billion in his career, decided to branch out with a conglomerate that started by owning the Red Sox.
FSG is among the largest sports ownership entities in the world and now in addition to James coming onboard and increasing its reach, FSG also received a $750 million investment from RedBird Capital Partners and as a result, it could expand its broad footprint even more.
In 2010, FSG bought Liverpool for $493 million and James joined in the investment for a reported $6.5 million. Eight years later, FSG turned down a $2.6 billion bid for the club and it resulted in tens of millions in profit for James from his initial investment.
James also admitted that he still wants to own an NBA team. At the NBA All-Star Game in 2019, he told reporters that upon his retirement:
"I believe if I wanted to, I could own a team or be part of a basketball team. I know I got so much knowledge of the game that I don't want to, once I stop playing -- I just [do not] want to get away from the game.”
"Yeah, I've always said that. My goal is to own a team, own an NBA team," James said Tuesday night. "I got so much to give to the game. I know what it takes to win at this level. I know talent. I also know how to run a business, as well. And so, that is my goal. My goal is to own an NBA franchise, and it will be sooner than later.”