LeBron James‘ partnership with Fenway Sports Group won’t help him get any closer to becoming an NBA owner, according to Joe Vardon and Mike Vorkunov of The Athletic. Two sources with direct knowledge of the firm tell the authors that FSG currently has no interest in pursuing ownership of an expansion team in Las Vegas.
Cost was cited as the main reason, as the NBA will reportedly seek fees of up to $8 billion per team if the Board of Governors approves exploring expansion opportunities in Las Vegas and Seattle at its meeting next week.
Vardon and Vorkunov note that James first expressed his desire to someday own an NBA franchise in 2016, and he stated four years ago that he would like to be part of the investment in Las Vegas. He has been a business partner with FSG since 2011.
“With Fenway no longer pursuing NBA ownership, it is less likely that LeBron will pursue a team,” a source close to James told the authors.
Forbes cites James’ worth at $1.4 billion, which doesn’t come close to covering the expected expansion fee, and Vardon and Vorkunov state that he always understood that he would have to be part of a team of investors. They also point out that he has connections with wealthy business owners apart from FSG. That includes a 2023 visit to Saudi Arabia as a guest of the Ministry of Sport, which is a partner of the Saudi Public Investment Fund, but the authors explain that the NBA doesn’t permit sovereign wealth funds to own more than 20% of a franchise.
Vardon and Vorkunov also note that James would have to retire as a player before he could pursue an ownership opportunity. He hasn’t stated publicly if he plans to return next season, and with the new franchises targeted to possibly begin playing in 2028, there will be a limited window for James to round up new investment partners and submit a formal bid.
The authors state that James viewed FSG as his path toward ownership. He’s an equity stockholder in the company and became a partner in 2021, giving him partial ownership in the Boston Red Sox, Roush Fenway Racing and the firm’s other properties. His longtime friend Maverick Carter is also an FSG partner, and they were given more equity in 2023.
I guess the examples of Michael Jordan, Wayne Gretzky, Derek Jeter and others failing miserably at this just makes Lebron more stubborn lol
Jordan paid $275 million for the Bobcats in 2010 and sold them for 3 Billion a few years ago. You have a funny definition of ‘failing miserably’.
Investment-wise, sure, but as far as building a good basketball team, Jordan was about as bad at that as he was good at playing basketball.
im sure gretzky made money on the coyotes and jeter on the marlins too… 2 of those 3 teams don’t even exist anymore… all are bottom feeders of their leagues (even in their new forms)
This is actually an argument in favor of Jordan being a successful owner. The only reason the Bobcats don’t exist anymore is because Jordan petitioned the NBA to reclaim the Hornets name and history from New Orleans. That was a huge win for him.
Jeter does not fit with the rest. He did a good job. He was promised by Sherman they would spend the money needed to build a proper winning organization. He stepped down when he realized Sherman wouldn’t.
Yeah, he wasn’t the owner, so different than Jordan.
1) he was an owner (he had to sell his stake to leave) 2) he did a HORRIBLE job… I live in Miami…. he tried to make the marlins the Miami Yankees.. brought in nothing but yankee castoffs.. gave away Giancarlo Stanton for a bag of chips (to the yankees) … stripped the stadium of all personality and personnel wise… name 3 players on the current Marlins he brought in… I’ll wait
He brought in Kim Ng who did a great job. And the fact you think they lost the Stanton trade says enough.
which is why Ng is so sought after, after being fired? Again… can you name THREE PLAYERS ON THE CURRENT ROSTER THAT JETER HELPED BRING TO THE FRANCHISE OVER 5 YEARS?! They got Starlin Castro for a year and Jose Devers in that trade…. AND THEY PAID THE YANKEES A CHUNK OF HIS CONTRACT TOO! The arrogant ignorance here is staggering.. Jeter stuffed the system with “yankee guys”… green lit things like trading Zac Gallon for Jazz Chizholm and giving a massive contract to Avisail Garcia (who was paid to go away in year 3 of that contract)… and the team drafted so poorly again.. you can’t name anyone on the roster from that time period lol…. In just 2 years Peter Bendix almost wiped the deck clean and brought in guys that are producing massively… do you think that’s an accident?
here.. I’ll help you… they traded Christian Yelich, Stanton, Dee Gordon, and Marcell Ozuna within 5 months of taking over the team in 2017… the only player remaining from ANY of those deals… is Sandy Alcantara …. and they will probably trade him before July. Jeter’s time here was an utter failure. For crap sake they gave up Yelich for Lewis Brinson and a pitcher that lasted a year named Jordan Yamamoto.
Jesus dude, relax. You’re heated for no reason.
I don’t like arrogant people telling me they know more about a subject I live through lol… it’s very annoying
Fair enough. Idk to me it felt like there was a plan that was half completed and then fell apart but maybe you’re right.
There’s no “maybe” none of the prospects he brought in panned out… none of the FA’s he signed produced a damn thing.. the team was worse when he left than when he arrived.. and the people who replaced him have done a LIGHT YEARS better job under the same circumstances…. he even took out the iconic fish tanks everyone loved and made the stadium unique.
I mean it’s a great investment if you remain a silent partner.
Imagine how Seattle and Las Vegas fans would act if no one decides to bid the 7 billion it takes for an expansion
So then FSG has been not spending money on the RedSox for no reason?
I thought for sure they were stockpiling cash to buy an NBA franchise.
Instead they are a top marketshare team with a middle of the pack yearly salary commitment so they’re just stealing from the fans.