LeBron James’ investment group looking to buy NBA team?
LeBron James could soon be the owner of an NBA team and not just in the figurative sense.
The Pittsburgh Penguins of the NHL announced this week that Fenway Sports Group, the Boston, Mass.-based limited liability company in which James is a partner, has reached an agreement to acquire a controlling interest in their team. FSG also already owns MLB’s Boston Red Sox and Liverpool F.C. of the English Premier League.
Dan Primack of Axios also reports that FSG also would like to buy an NBA team once it is finished acquiring the Penguins. Primack adds that FSG expects it will seek out a target franchise in 2022.
The NBA’s collective bargaining agreement does generally prevent current players from owning portions of either the NBA or the WNBA. But Article XXIX, Section 11 of the agreement says that players may hold “an ownership of publicly-traded securities constituting less than five percent (5%) of the ownership interests in a company or entity that directly or indirectly owns an NBA Team.” Additionally, with how long the purchase process can take, the soon-to-be 37-year-old James could easily be retired by the time that such a deal by FSG to buy an NBA team is actually consummated.
James has openly expressed his interest in eventually owning an NBA team.
“Yeah, I’ve always said that,” he said this past March, per ESPN. “My goal is to own a team, own an NBA team. I got so much to give to the game. I know what it takes to win at this level. I know talent. I also know how to run a business, as well. And so, that is my goal. My goal is to own an NBA franchise, and it will be sooner than later.”
The former MVP’s ambitions may extend well beyond the hardwood as well. A few years ago, we heard that James also wants to buy a team in this sport.
H/T Lakers Daily
Photo: Nov 28, 2021; Los Angeles, California, USA; Los Angeles Lakers forward LeBron James (6) reacts against the Detroit Pistons in the first half at Staples Center. Mandatory Credit: Kirby Lee-USA TODAY Sports