Renowned NBA star LeBron James is set to become a part-owner of Fenway Sports Group (FSG) that owns two of the biggest franchises in the sports industry in Boston Red Sox and Liverpool FC. He is set to become the first black shareholder of FSG along with his long-term business partner Maverick Carter.
James previously had a small stake in Liverpool FC since 2011. However, the latest developments suggest that the Basketball player will be gaining shares in multiple enterprises of FSG that also includes Nascar team Roush Fenway Racing. John Henry, FSG owner, remains the largest shareholder in the sports consortium.
Along with James becoming part-owner of the FSG group, RedBird Capital Partners will also reportedly make a significant investment in the sports holding company. This new injection of cash will make RedBird the third biggest stakeholder in FSG after Henry and chairman Tom Werner.
LeBron has previously worked with FSG on endorsement deals. He is likely to be more involved with the sports consortium once he officially becomes the part-owner of FSG. The famous Basketball player has publicly shown admiration for Liverpool FC on numerous occasions. He has been spotted in Liverpool’s kit during pre-match duties before NBA games.
Considering the strength of shares owned by LeBron, it is unlikely to have a big impact on decision-making at various franchises. However, he is likely to benefit in the long run by becoming part-owner of FSG since all sports teams under the consortium are some of the most financially attractive assets. Moreover, these clubs also enjoy significant popularity across the globe. It does look a matter of time when LeBron also explores ownership deal in his sport once he hangs up his boots.