James, 36, already owned 2% of Liverpool, the current English Premier League champion. In joining FSG and expanding his investment, James and his business partner Maverick Carter will become the company’s first Black partners.
“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 after Tuesday night’s victory over the Minnesota Timberwolves. “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.”
FSG is among the largest sports ownership entities in the world, and James’ involvement will only increase its reach. In addition to James coming onboard, FSG received a $750 million investment from RedBird Capital Partners, according to The Boston Globe, which first reported James’ ownership stake.
With league rules preventing current players from owning portions of the NBA or WNBA, James, who has earned more than $1 billion in his career, according to Forbes, branched out with a conglomerate that started by owning the Red Sox. FSG’s broad footprint could expand even more with the infusion of cash from RedBird Capital.
FSG bought Liverpool in 2010 for $493 million — and James joined in the investment for a reported $6.5 million. FSG turned down a $2.6 billion bid for the team in August 2018, leaving James with tens of millions in profit from his initial investment.