NBA superstar LeBron James joins Fenway Sports Group

Washington: NBA superstar LeBron James has increased his ownership stake in Premier League club Liverpool via a deal confirmed on Wednesday that makes him a partner in Fenway Sports Group. FSG announced that James and longtime business associates Maverick Carter and Paul Wachter had become partners in the Boston-based global sports, entertainment and real estate platform, along with RedBird Capital. James, 36, previously held a 2 percent stake in Liverpool, but now will have a bigger share in the Premier League team as well as a stake in Major League Baseball's Boston Red Sox , a sports management firm, a regional sports cable network and Roush Fenway Racing of the popular NASCAR stock car racing series. FSG took control of Liverpool in 2010. The investment and accompanying transactions value the group at $7.35 billion (6.26 billion euros), and the Boston Globe reported that it is a $750 million (639 million euros)investment. The new investment is expected to allow Liverpool to recover from the financial pressures of the coronavirus pandemic and help Anfield expansion plans go ahead. The club has proposed a new Anfield Road stand that would increase the ground’s capacity to about 61,000. In a joint statement, FSG principal owner John W Henry, chairman Tom Werner and president Mike Gordon said they were “pleased to welcome to our ownership group LeBron, Maverick, and Paul, with whom we have enjoyed a successful collaboration for well over a decade. “Their addition is an important milestone for FSG and expands and deepens a long-time friendship and relationship that began in 2010. “To our fans and supporters: Winning continues to be the driving force for all of us,” Henry and his colleagues said. “The growth of FSG as an organisation allows us to further strengthen our resources and commitment to the communities we serve, and we look forward to having these talented new partners join us in the next chapter of FSG’s evolution.”