LeBron James Following in Michael Jordan’s Footsteps by Eyeing a Power Move Worth at Least $1.3 Billion
Los Angeles Lakers star forward LeBron James has become a highly successful businessman off the court. James continues to venture into the realm that has further strengthened his business portfolio. The four-time NBA MVP is pushing toward following in Michael Jordan’s footsteps with a potential $1.3 billion move.
LeBron James moves into sports team ownership
Over the last decade, James has dipped into the ownership realm as he first bought a 2% stake in Liverpool FC, initially worth around $6.5 million.
The four-time NBA champion has ventured into other business opportunities, such as his partnership with Blaze Pizza that he purchased for less than $1 million in 2012. Since then, it has turned into a $25 million stake in a company that has become one of the most prominent personal pizza food chains.
James took it a step further in March as he joined the Fenway Sports group as a partner. It gives him ownership stakes in the Boston Red Sox, Liverpool FC, Roush Fenway Racing, and the regional sports network NESN. Fenway Sports Group is currently one of the world’s largest sports ownership entities.
The star forward may soon move toward the same footsteps as Michael Jordan due to the ownership group’s next desired move.
LeBron James following in Michael Jordan’s footsteps by eyeing a power move worth at least $1.3 billion
James’ increased involvement in off-the-court ventures has put him involved in various other business opportunities.
The Fenway Sports Group recently made another massive move by purchasing the controlling interest over the Pittsburgh Penguins for an estimated $900 million, according to The Athletic. It adds another franchise to the ownership entity’s ever-growing portfolio.
According to Dan Primack of Axios, the Fenway Sports group desires to buy an NBA team after purchasing the Penguins. It is one of the last remaining franchises missing from the ownership realm as the company possesses soccer, baseball, hockey, and NASCAR teams.
Fenway Sports Group certainly holds the financial backing, worth an estimated $7 billion, to make that move happen. The question now centers around when another NBA team will become available to purchase.
Earlier this year, Forbes placed a value of at least $1.3 billion for an NBA organization. The Memphis Grizzlies are valued at that threshold, while the New York Knicks sit at the top at $5 billion.
The company will have the opportunity to garner at least a portioned stake in an NBA franchise. However, the group is likely attempting to acquire a controlling interest as it recently did with the Penguins. The opportunity will present itself, and it’s a matter of when not if.
LeBron James wants to become an NBA team owner
As James moves through his illustrious career, it’s put a greater focus on his post-playing day business affairs.
The 36-year-old remains committed to playing as long as he can, but he hasn’t shied away from expressing interest in owning an NBA team.
“I’ve always said that my goal was to own a team, own an NBA team,” James said in March via Yahoo Sports. “I’ve got so much to give to the game. I know what it takes to win at this level. I know talent. I also know how to run a business as well, and so that is my goal.”
The NBA’s rules state that a current player can’t venture into that realm, but James’ involvement with the Fenway Sports Group puts him on that path. It will be only a matter of time before he joins Jordan in that exclusive company.
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