Exactly a decade ago this August, LeBron James first publicly announced his aspiration to acquire an NBA team. Almost four years ago, he specified his desired location for this team: Las Vegas.
However, with the league poised to advance significantly next week towards establishing new franchises in both Las Vegas and Seattle, James’ long-cherished ambition appears to be fading.
According to two sources with direct knowledge of the firm’s plans, Fenway Sports Group (FSG) — James’ business associate since 2011 and owner of the Boston Red Sox and English Premier League titan Liverpool — currently has no interest in pursuing the anticipated expansion opportunity in Las Vegas, as reported by *The Athletic.* One of these sources, who was not authorized to comment publicly for Fenway, stated that the global sports investment firm has opted out of NBA ownership in Las Vegas due to the projected costs, with the league reportedly seeking expansion fees up to $8 billion per team.
FSG had long been considered James’ primary financial backer in his stated goal of becoming an NBA team owner. Consequently, a source close to James indicated, “With Fenway no longer pursuing NBA ownership, it is less likely that LeBron will pursue a team.”
A spokesperson for FSG declined to offer comments to *The Athletic*.
James, currently 41 and still a star player for the Los Angeles Lakers, possesses a net worth of $1.4 billion as of Wednesday, according to Forbes. Yet, his personal wealth is far from sufficient to cover the expansion fee, meaning he always intended to collaborate with a group of investors to realize his bid.
He maintains connections with affluent business owners and conglomerates beyond FSG. For instance, in 2023, LeBron traveled to Saudi Arabia as a guest of the country’s Ministry of Sport, a partner of the Saudi Public Investment Fund. However, existing NBA regulations prohibit sovereign wealth funds from owning more than 20 percent of a team.
On a related note, James would first need to retire before he could launch a bid for team ownership. He remains undecided about playing in the 2026-27 season, and with the NBA reportedly targeting the fall of 2028 for the potential launch of new teams (should expansion ultimately be approved), the timeframe for James to secure new investment partners and submit a bid would be either extremely tight or impossible.
On August 17, 2016, James participated in an interview on the “Open Run” podcast, part of his digital media platform Uninterrupted, where he told the hosts, “My dream is to actually own a team.” Nearly a year later, in an interview with *The Athletic,* James articulated, “Why do I want to own a team? I think it’ll be cool. I’ll stay part of the game and still be able to put people in positions of power. I’ve always loved that, putting people in a position of power to feel like they can make a change and make things happen.”
In 2019, he asserted to reporters, “ain’t no maybe about it, I’m going to do that s—” and in June 2022, he declared on his long-running TV and digital program, “The Shop,” that “I want a team in Vegas. I want the team in Vegas.”
Nevertheless, FSG was consistently a cornerstone of his extensive plan for NBA ownership, and it now appears that only a change of heart by the firm, or a revision of league rules, could enable his plan to proceed.
The partnership with FSG represents one of James’s most significant investments and relationships in the sports world. He is an equity holder in FSG and shares a profound connection with the investment firm. Their collaboration dates back to 2011, when Fenway Sports sealed a global marketing and sponsorship agreement with James’ management company, LRMR Ventures, which included a 2 percent ownership stake for James in Liverpool.
James became a partner in FSG in 2021, acquiring a 1 percent stake in the firm, granting him partial ownership in properties such as the Red Sox and Roush Fenway Racing. Maverick Carter, James’ long-standing friend and business partner, is also a partner in the firm. They both received additional equity in FSG in early 2023, as confirmed by the firm.
Fenway was established and is managed by John Henry, the Red Sox owner. The company’s chairman is Tom Werner, an esteemed television producer and businessman who had a professional relationship with Paul Wachter, James’ financial adviser. RedBird Capital purchased a share of FSG in 2021, valuing the company at $7.35 billion. RedBird is a controlling shareholder of Paramount, was instrumental in the acquisition of WBD, and holds one of the largest portfolios of sports media rights. Beyond the Red Sox and Liverpool, Fenway possesses numerous sports properties and had owned the Pittsburgh Penguins until selling the NHL club this year for an estimated $1.7 billion.
Regarding the NBA’s procedure, team governors are scheduled to vote during a March 25 meeting on whether to authorize the NBA to formally assess Las Vegas and Seattle as prospective expansion markets, as reported Monday by *The Athletic* and other news outlets.
If, as anticipated, the motion is approved, Commissioner Adam Silver’s office would then solicit formal bids from potential ownership groups, evaluate them, and present final proposals to the existing league owners for their endorsement. Ultimately, expansion would require approval from 23 of the league’s 30 team owners.
NBA franchise valuations have escalated dramatically over the past five years. Several years ago, sports financiers and investors projected that a new NBA franchise could command $5 billion, but that was prior to the Boston Celtics’ sale for $6.1 billion and the Los Angeles Lakers’ acquisition for $10 billion.