After having his most successful year yet as a Los Angeles Lakers player, LeBron James was formally proclaimed a billionaire last year. Even though his playing days are drawing to a close, his most recent action demonstrates that he is only now starting to increase his impact as a business tycoon.
James and longtime business associate Maverick Carter bought a small stake in the Fenway Sports Group back in 2021 amounting to 1% ownership. After two years as minority owner, Sportico reports that LeBron has increased his equity with the ownership group by leveraging on his biggest asset – himself.
The Lakers star signed a lifetime marketing deal for the group in order to up his position. While it’s not reported how much his stake grew with the deal, even just a few percentage points would equate to massive numbers when extrapolated into its dollar value, particularly with how high the valuations for sports teams continue to grow over the years.
“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.”
Aside from the Red Sox and Penguins, the Fenway Sports Group also owns the Premier League football club Liverpool, which LeBron James has shown his support for on more than one occasion. With his lifetime marketing agreement, he’s bound to be more visibly tied to the team’s dealings then ever before.
Source: https://clutchpoints.com
