L.A. Lakers star LeBron James has reportedly bought an undisclosed amount of Fenway Sports Group (“FSG”) shares. James previously held about a 2% share of the Liverpool soccer franchise when he bought it in 2011. However, with his newest purchase, he becomes a part-owner of the Red Sox as well as other FSG subsidiaries, including NESN, Roush Fenway Racing, and Fenway Sports Management.
James, along with longtime friend and businessman Maverick Carter, entered the venture together. FSG also reportedly approved a $750 million private investment that would make RedBird Capital partners its third-largest partner.
With this deal, James and Carter become the first and only Black partners in FSG history. FSG is the fourth-most valuable sports empire and is valued at $6.6 billion. Only Jerry Jones, Kroenke Sports & Entertainment and Liberty Media were valued higher. In 2020, James was the highest-earning basketball player in the world and the fifth-highest athlete overall at $88.2 million.
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