LeBron James’ partnership with Fenway Sports Group (FSG) continues to work in his favor.
Earlier in 2021, AfroTech shared that James and his longtime business partner Maverick Carter became partners of FSG — the owner of Red Sox, Liverpool Football Club of the English Premier League, Roush Fenway Racing and more — and secured an ownership stake in its subsidiaries.
On Nov. 29, the National Basketball Association (NBA) legend added the Pittsburgh Penguins to his ownership portfolio after FSG and its partners made the purchase of $900 million for the National Hockey League (NHL) team, Essentially Sports reports.
With Fenway Sports Group's purchase of the Penguins, LeBron James' portfolio keeps growing 📈 pic.twitter.com/l1YuBBiz2c
— The Athletic (@TheAthletic) November 29, 2021
Currently, FSG is waiting for approval from the Board of Governors of the NHL. They are predicted to seal the deal by the end of 2021.
Lebron James' Ownership Portfolio
FSG’s purchase of its latest major sports franchise rings the ongoing bell of James’ price going up while off the court. According to ESPN, Sportico valued the Penguins at $845 million last month.
The @penguins were valued at $845 million in Sportico's most recent valuations, ranking 15th in the NHL. It’s unclear how much Fenway is paying for the team or how many limited partners are staying onhttps://t.co/c5X4GO2nZU
— Sportico (@Sportico) November 16, 2021
The deal is also another step in the right direction of the Los Angeles Lakers star wanting to own an NBA team.
LeBron James' Empire
The business mogul is not only carving his way to building his empire, but he also continues to make history left and right with his groundbreaking investments. Him and Carter investing in FSG marked the two as its first Black partners.
“I think for me and for my partner, Maverick, to be the first two Black men to be a part of that ownership group in the history of that franchise, I think it’s pretty damn cool,” James said in March. “It gives me and people that look like me hope and inspiration that they can be in a position like that as well, that it can be done. It gives my kids at my I Promise School more and more inspiration as well.”