Los Angeles Lakers star and newest member of the Boston Red Sox, LeBron James, can't stop making history – whether it's on the hardwood, the diamond, or in his investment portfolio.
A fifth NBA championship would mark a major step forward in James' chase of Michael Jordan in the basketball GOAT discussion. But he can't obtain that until the summer. In the meantime, the Lakers superstar is following Jordan's footsteps into the sports ownership department. And, like MJ, James is breaking down barriers in his pursuit.
On Tuesday, The Boston Globe's Michael Silverman reported that James and his longtime friend and business partner Maverick Carter joined Fenway Sports Group as partners.
The Globe also revealed that FSG — which owns and operates the Boston Red Sox and Liverpool F.C., and has grand ambitions to invest in sports franchises and enterprises around the globe — approved a $750 million investment from RedBird Capital that will skyrocket the company's value. The deal will infuse FSG with billions of dollars worth of capital to expand its business, with James spearheading the branding efforts.
The FSG deal is the latest boon to The King's lucrative business portfolio. James has reaped hundreds of millions (and counting) from involvements with Beats by Dre, Blaze Pizza, AT&T, Pepsi, and Nike — among other ventures — while he and Carter's production company, SpringHill, is a flourishing powerhouse in Hollywood.
James acquired 2 percent of Liverpool in 2011, soon after FSG bought the football club for under $500 million. Following an economic rebound and Premier League and Champions League titles, the club was recently valued at $2.6 billion. In terms of James' stake: well, you do the math.
Once the FSG-RedBird deal is approved by Major League Baseball (which could take several weeks), the kids from Akron will officially become the first two Black owners in the 113-year-old existence of the Red Sox.
The deal will also make James a minority owner of FSG's other holdings, including the New England-based sports network NESN, Fenway Park, Anfield, Roush Fenway Racing, FSG Real Estate, and Fenway Sports Management — a consulting and marketing firm that has collaborated with James on endorsements.
Following the Lakers' 137-121 win over the Minnesota Timberwolves on Tuesday — in which James made hoops history by becoming the oldest player to record consecutive triple-doubles, giving him 99 for his regular-season career — he spoke on the significance of his historic agreement with FSG.
“I think for me and my partner, Maverick, to be the first two Black men to be a part of that ownership group and history of that franchise, I think it’s pretty damn cool.” James said in his postgame Zoom with reporters.
“It gives me and people that look like me hope and inspiration they can be in a position like that as well and that it can be done. It gives my kids at I Promise School more and more inspiration as well. But it’s a great day for myself, for my family and my school and for my business partner, Maverick Carter, and everyone that has something to do with our group. But it’s a pretty amazing thing to be able to build my portfolio off the floor in the beautiful game like baseball.”
“I think its pretty damn cool… It gives kids in my ‘I Promise’ school more & more inspiration. It’s a great day for myself, for my family, my school, my biz partner Maverick Carter, & everyone who has something to do with our group.”
LeBron James on joining Red Sox ownership. pic.twitter.com/WiQhmLpuWp
— Tomer Azarly (@TomerAzarly) March 17, 2021
That LeBron James and Maverick Carter's achievement involves the Red Sox arguably holds more weight than it would for any other organization in sports, considering the team's troubling racist record.
Boston, then owned by Tom Yawkey, was the last franchise to integrate when they signed Elijah Green in 1959 — more than a decade after Jackie Robinson (whom the Sox passed on, as they did Willie Mays) broke the color barrier. The street that lines Fenway Park was renamed from Yawkey Way to Jersey Street in 2018.
In recent years, players like Torii Hunter, Adam Jones, and CC Sabathia have acknowledged that hearing racist remarks has, sadly, been a common occurrence at Fenway Park.
Last July, a dozen former Black players accused the Red Sox of ignoring claims of abuse committed by a former clubhouse manager.
When Jordan purchased a majority share in the Charlotte Bobcats in 2010, he became the second majority Black owner in NBA history after Charlotte's previous owner and founder, Bob Johnson.
Jordan also became the first former player to become a majority shareholder in a league franchise. James' partnership with FSG puts him one crab dribble closer to becoming the second — and achieving his long-stated goal.
“I’ve always said that my goal is to own an NBA team,” LeBron James added when prompted on his NBA ownership interests. “I’ve got so much to give to the game, I know what it takes to win at this level, I know talent, I know how to run a business as well. That’s my goal, to own an NBA franchise. It’ll be sooner than later.”
“I’ve always said that my goal is to own an NBA team. I’ve got so much to give to the game, I know what it takes to win at this level, I know talent, I know how to run business as well. That’s my goal, to own an NBA franchise. It’ll be sooner than later.”
– LeBron James #Lakers pic.twitter.com/3l57YHA6h7
— Tomer Azarly (@TomerAzarly) March 17, 2021
As he alluded to, James has never shied away from stating his desire to govern an NBA organization.
“I will own a team someday,” he told The Athletic in 2017. “That’s my next thing.”
James is under contract with the Lakers through 2022-23, when he'll be 38. If he is able to stick around long enough to team up with his son, Bronny, who can enter the draft in 2023, he can theoretically devote his undivided attention to purchasing a team as soon as 2024.
Until then, his involvement with FSG will provide an invaluable opportunity to learn the ropes of sports ownership, while putting him on track to eventually add multiple franchises to his portfolio.
“I see LeBron owning multiple teams someday,” Fenway Sports president Sam Kennedy told ESPN’s Brian Windhorst in 2019. “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 successfully financially, and that’s what you have to do to become a sports team owner.”
Earlier Tuesday, James acknowledged the report with three simple emojis on his Instagram story:
Based on how things are going, there's little doubt that LeBron James will achieve his goal, possibly in the not-so-distant future.
The only question is: does he still consider himself a New York Yankees fan?
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