LeBron James has progressively become more involved in business dealings away from his craft. James’ latest financial power move saw him garner a stake in one of the world’s most prominent business entities. The venture has also put the LA Lakers star in the same fold as Michael Jordan.
LeBron James ventures into ownership with the Boston Red Sox
Over the last several years, LeBron James has taken a greater interest in building his business portfolio.
James has ventured into various off-the-court avenues to increase his financial stability beyond his NBA career. According to ESPN, the 36-year-old has elected to join Fenway Sports Group as a partner.
The move has given him an ownership stake in the Boston Red Sox, Liverpool Football Club, Roush Fenway Racing, and NESN. It’s a historic decision as it makes him and Maverick Carter the company’s first black business 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. “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.”
FSG is currently among the most prominent sports ownership groups globally. Along with the Lakers star’s addition to the mix, the business entity also garnered a $750 million investment from RedBird Captial Partners. The company is currently valued at $7.3 billion after those latest moves.
James has effectively extended his branch of financial influence into another realm away from his craft. It has also put him into the same business venture alongside Michael Jordan.
LeBron James is following in Michael Jordan’s footsteps yet again
LeBron James’ latest business move has expanded his reach in the sports world.
What has been overlooked with the new partnership for him is that he is also a NASCAR team owner through Roush Fenway Racing. The company currently fields two cars with the No. 6 of Ryan Newman and the No. 17 of Chris Buescher, competing in the NASCAR Cup Series.
Beyond that, it puts him in the same realm as Michael Jordan, who co-owns 23XI Racing with driver Denny Hamlin. The company is currently going through its first season with Bubba Wallace driving the No. 23 car.
Jordan’s involvement in the sport is much greater, but James’ addition brings another prominent professional athlete to the NASCAR ranks. It’s still quite early to predict what will unfold for the 36-year-old, but he at least has his fingerprints in the sport.
NBA team ownership may be next
LeBron James has progressively become an assertive businessman over the years behind his various investments.
James’ latest venture with Fenway Sports Group may shed light on his next eventual move: NBA team ownership.
The four-time league MVP has spoken in the past about his interest to one day grab an ownership stake with a franchise.
“I believe if I wanted to, I could own a team or be part of a basketball team,” James stated in 2019 via ESPN. “I know I got so much knowledge of the game that I don’t want to, once I stop playing — I just [do not] want to get away from the game.”
It’s a route that he will take once he heads into retirement after he finishes his Hall of Fame career. James certainly has the financial means to make it happen as his career on-court earnings recently surpassed over $1 billion.
The situation will lead down the path of finding the business partners to make those aspirations come to fruition. Ultimately, James will get what he’s looking for at some point down the line.