James has reportedly purchased an undisclosed amount of shares in the Fenway Sports Group (FSG), per the Globe. It makes him a co-owner of its subsidiaries that include the Red Sox, Liverpool Football Club, Rousch Fenway Racing and region sports network NESN. James already owned 2 percent of Liverpool, the English Premier League's current champion, since 2011.
Maverick Carter, James' friend and business partner, is also joining the FSG partnership group. They are now the first Black partners in Fenway Sports Group history. It was founded in 2001 and is now one of the largest sports ownership entities in the world.
The ownership stake stands in contrast to James' noted fandom of the rival New York Yankees. He's even rooted against his hometown Cleveland team in the playoffs.
Fenway group receives $750M investment
Alongside news of James' involvement, the group received a $750 million investment from RedBird Capital Partners, per the Globe. Most of that money will reportedly go to Fenway Sports Management, the marketing arm of the group.
They've worked with James for more than a decade and its deep-pocketed involvement signals James will be more involved in FSG operations, sports business writer Michael Silverman wrote for the Globe. In 2019, FSG switched Liverpool's uniform sponsorship to Nike, where James is a signature athlete with a lifetime deal believed to be worth more than $1 billion.
The Boston Red Sox are valued at $3.3 billion and FSG is valued at $6.6 billion, per Forbes. FSG is fourth on the 2021 sports empire lists behind Liberty Media (Formula 1, Atlanta Braves, and the Drone Racing League), Kroenke Sports & Entertainment (Los Angeles Rams, Arsenal FC, Denver Nuggets, Colorado Avalanche) and Jerry Jones' package of holdings that includes the Dallas Cowboys.
It was valued above Yankee Global Enterprises, the parent company of the New York Yankees.
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