Los Angeles Lakers star LeBron James will be increasing his equity in Fenway Sports Group (FSG). The move will be “part of a lifetime marketing deal” that James has recently signed.
James and Maverick Carter, James’ business partner, became part of FSG in 2021 after they had increased their stake, owning 1% of the Boston-based group. The new development, which was confirmed by FSG, states that both James and Carter will receive additional equity in FSG.
The agreement also strengthens the business partnership between FSG, LeBron James and private equity firm RedBird Capital. RedBird, led by Gerry Cardinale, bought 10% of Fenway for US$750 million in 2021 to pursue opportunities in sports.
RedBird is also an investor in SpringHill; SpringHill is also a partner in Naomi Osaka’s production company Hana Kuma, in which Fenway recently invested.
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