NBA legend and future Hall of Famer LeBron James is buying into Fenway Sports Group, which owns the Boston Red Sox, at an undisclosed number of shares, according to reports Tuesday.
James has been part-owner of Premier League club Liverpool, which is also owned by FSG, since 2011.
The four-time NBA champion is making an investment into not only one of baseball’s most storied franchises, “but also the New England Sports Network, Concord, North Carolina-based Roush Fenway Racing, and Fenway Sports Management’s primary venture group,” according to Front Office Sports.
James and his business partner, Maverick Carter, are set to become Fenway Sports Group’s first Black partners and bring a new celebrity to a group whose owners are largely anonymous.
New York-based 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 group is expected to look for more opportunities in sports ownership over the next three years.
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.
If James can secure a World Series ring as part-owner of the Red Sox, he’ll add Boston to the list of cities where he has won championships, which already includes Miami, Cleveland, and Los Angeles.