LeBron James Receiving Increased Equity in Fenway Sports Group – Sportico.com

LeBron James is increasing his equity in Fenway Sports Group, part of a lifetime marketing deal he recently signed with the parent of the Boston Red Sox, Pittsburgh Penguins and Liverpool FC. Fenway released details Friday following company-wide meetings in Florida earlier this month.

It’s the latest move for the world’s highest-paid active athlete, who is emphasizing equity and ownership in companies that he works with. The 38-year-old made $127 million last year, the highest total in his two-decade career. In addition to endorsements with companies such as Nike, AT&T and PepsiCo, his business ventures include The SpringHill Company and pizza chain Blaze.

James and Carter, his long-time business partner, received a roughly 1% stake in Fenway back in 2021, converting equity in Liverpool that was part of their original marketing partnership in 2011. That deal has already proved lucrative for the pair. Fenway’s portfolio has expanded in that time, and sports teams have also appreciated dramatically. The Red Sox, for example, were worth $1.3 billion in 2013, according to Forbes, and are now worth $5.07 billion, per Sportico’s numbers. Fenway recently purchased the Penguins for $900 million, and has been looking into a possible NBA investment.

The extension deepens the business relationship between James, Fenway and private equity firm RedBird Capital. RedBird, led by Gerry Cardinale, bought 10% of Fenway for $750 million in 2021 to pursue opportunities in sports. RedBird is an investor in SpringHill; SpringHill is also a partner in Naomi Osaka’s production company Hana Kuma, in which Fenway recently invested.