The four-time NBA MVP has become a partner in the Fenway Sports Group, according to The Boston Globe’s Michael Silverman, who reported Tuesday that James now owns an undisclosed amount of FSG shares. That business move makes James a part owner of the Red Sox as well as other FSG subsidiaries, including NASCAR team Roush Fenway Racing, cable network NESN and Fenway Sports Management.
Maverick Carter, James’ longtime friend and business partner, will join the Lakers star as an FSG partner. They are the first Black partners in FSG history, per Silverman. James previously held a two percent share of the British soccer franchise Liverpool, which falls under FSG ownership.
In addition to the news regarding James and Carter, Silverman also noted that FSG will be accepting a $750 million investment from RedBird Capital Partners, which could allow FSG to pursue other franchises beyond the Red Sox and Liverpool.
Earlier this year, Forbes ranked FSG as the fourth-largest sports empire at $6.6 billion behind only Liberty Media ($13 billion), Kroenke Sports & Entertainment ($8.73 billion) and Jerry Jones ($6.98 billion). Forbes most recently valued the Red Sox at $3.3 billion.
The RedBird Capital Partners’ investment is contingent upon approval from MLB, which could take weeks, per Silverman.