The King is taking over!
LeBron James makes history as first Black partner of Fenway Sports Group, becoming a partial owner of the Boston Red Sox, Blavity reports.
LeBron James and business partner Maverick Carter purchased an “undisclosed amount of shares” in Fenway Sports Group (FSG), making the duo the first and only Black partners. The group is valued at over $6 billion and James and Carter’s partnership also makes them partial owners of the Boston Red Sox.
The NBA phenom has traditionally been a fan of the Red Sox rivals, the New York Yankees, catching fans by surprise. The FSG partnership allows James shares in the Red Sox as well as other FSG holdings including NESN, Roush Fenway Racing and Fenway Sports Management.
James is already a minority owner in the Liverpool Football club, an English soccer troupe managed by FSG. He brought the team in 2011, his 2% stake worth $6.2 million at the time. Now, the soccer team is valued at $2.6 billion, making Lebron’s stake worth about $52 million. He has also previously expressed owning an NBA team but current league rules prevent existing players from owning NBA or WNBA teams. In the meantime, James is staking his claim in a number of other opportunities.
Fenway Sports president Sam Kennedy spoke about James’ partnership, saying, “I see LeBron owning multiple teams someday. Not just NBA, but perhaps international soccer and maybe in esports. One thing we’ve learned working with LeBron is that he sees the big picture. He has a track record of making smart decisions and looking for opportunities. He’s also been very successful financially, and that’s what you have to do to become a sports team owner.”
James is also the owner of I Promise schools and a recipient of a lifetime deal with Nike, expected to earn him billions in the future. At the 2019 NBA All-Star Game, James depressed that he could see himself being an NBA team owner saying, “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.”
Rich Paul, James’ agent and childhood friend, spoke about the implications of the new ownership stake in the Boston Red Sox, saying, “It’s breaking down the barriers. You’re talking about a game that was once limited. Jackie Robinson and Roberto Clemente – guys like that people didn’t even want to play the game. The Negros had to have their own league to us now owning and representing in that business sector. It’s a testament to us continuing to evolve and not being complacent.”
Congratulations Bron! Because of you, we can!
Photo Courtesy of Chris Elise/Getty Images