LeBron James’ move to join the Fenway Sports Group (FSG) may be set to pay off in the long term.
Back in 2021, the NBA superstar became one of the first Black partners alongside his longtime business partner Maverick Carter, as previously reported by AfroTech. FSG owns the Red Sox, the Pittsburgh Penguins, Liverpool FC of the English Premier League, Roush Fenway Racing, regional sports network NESN, Fenway Sports Management, and FSG Real Estate.
“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 at the time he joined FSG. “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.”
Now, an annual partners meeting has revealed more about James’ partnership with FSG. According to a press release, the global sports, marketing, media, entertainment, and real estate company recently held its annual meeting in Bonita Springs, FL. During the meeting, several leaders shared business updates with the members of the ownership group. One of the prominent updates was that James’ equity in FSG has increased and his partnership extended to a lifetime deal, according to the press release.
“FSM [Fenway Sports Management] and LRMR Ventures have extended their longstanding strategic partnership into a lifetime deal that will allow FSM to continue to secure exclusive, global marketing and sponsorship opportunities for four-time NBA Champion LeBron James,” the press release detailed. “As part of the agreement, James, and co-founder of LRMR Ventures Maverick Carter will receive additional equity in FSM’s parent company FSG.”