LeBron James‘ Fenway Sports Group has decided to increase its scope by investing in an NHL team called the Pittsburgh Penguins. As we all know, the Los Angeles Lakers star has created quite an impressive financial and business portfolio for himself over the years.
Although LeBron has several sources of income and revenue, there is no denying that his ownership of Fenway Sports Group has aided the growth of his net worth greatly. That said, let us take a closer look at FSG’s most recent investment and how it impacts King James.
How much did LeBron James’ Fenway Sports Group purchase the Pittsburgh Penguins for?
To those who do not watch hockey, the Pittsburgh Penguins are a National Hockey League franchise. They have managed to win 9 division championships, 6 conference championships, and 5 Stanley Cups. Since it is quite an accomplished franchise, perhaps it made sense for FSG to show interest in ownership.
According to the reports, Fenway Sports Group showed an inclination to purchase a controlling stake back in 2021. They managed to secure their position as majority owners for a price of $900 million and took control on December 31 of 2021. Since LeBron has ownership stakes in FGG, that would lead some fans to assume that he also has ownership of the teams FSG owns. That will include the Boston Red Sox, Liverpool FC, and most recently the Pittsburgh Penguins.
LeBron James is about to be a part owner of the Pittsburgh Penguins because of his involvement with Fenway Sports Group.
Legacy + Ownership. 🏁 pic.twitter.com/9k57n45szH
— SP 🇩🇴 (@thesoulpapi) November 17, 2021
The information we initially received indicated that LeBron owned around 1% of FSG. However, that number has trickled up over the years and would mean LeBron now owns significantly more. Unfortunately, we have no way of knowing exactly how much King James owns. Especially since most of these business moves occur outside the public eye.
FSG is now the majority owner and controls the Pittsburgh Penguins. They made some moves and changes to the management after the Penguins failed to qualify for the playoffs after having made it there for 17 years straight. As a result of this lack of success, FSG decided to part ways with the President of Basketball Operations, the GM, and the assistant GM.
The Penguins have relieved President of Hockey Operations Brian Burke, General Manager Ron Hextall, and Assistant General Manager, Chris Pryor of their duties, it was announced today by Fenway Sports Group.
Details: https://t.co/kqyacgr0Fr pic.twitter.com/fr9dPvCPOK
— Pittsburgh Penguins (@penguins) April 14, 2023
Although this move might have seemed sudden to the Penguins’ fan base, there is no denying that the fans were growing restless with the direction the team was heading in. They blamed Ron Hextall, the GM, for the lack of success that the franchise has seen in recent times. We hope these issues are almost resolved and that FSG is able to help the Penguins grow furthermore.