LeBron James and the Fenway Sports Group Plans $900 Million Acquisition Of The Pittsburgh Penguins

Potentially enlarging his ownership holdings big time, LeBron James and the Fenway Sports Group (FSG) announced plans to acquire the Pittsburgh Penguins.

The group has agreed to purchase a controlling stake in the National Hockey League team. The sale calls for FSG to spend about $900 million, Sportskeeda reported.

The deal means James would become part-owner of the Penguins. The Los Angeles Lakers star now owns stakes in the Boston Red Sox, Liverpool Football Club, and Roush Fenway Keselowski Racing, all units of FSG. James and his business partner Maverick Carter reportedly became the company’s first Black partners of the year.

The stake in the Penguins by the group is pending approval from the NHL’s Board of Governors. But the transaction is expected to be done before the end of this year.

The latest deal shows that James has a similar knack for making savvy business investments that appears to parallel his indisputable skills on the basketball court. The 17-time All-Star, who reportedly has earned over $1 billion on the court, has also seized a windfall beyond it, per Sportskeeda.

James owns a production company named SpringHill Entertainment and a media company called Uninterrupted. The production firm was in charge of Space Jam: A New Legacy, a sequel to the original Space Jam. James is the movie’s main character.

Other investments in James’ portfolio include Blaze Pizza. He is an investor and owns 19 franchises of the pizza company. He also has co-ownership in the health and wellness company Ladder with Arnold Schwarzenegger, Lindsey Vonn, and Cindy Crawford.

Earlier this year, BLACK ENTERPRISE reported that James is also setting his sights on owning an NBA team in the future.

At the time, the NBA champion told Reuters, “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 and I also know how to run a business as well. So that is my goal. My goal is to own a NBA franchise, and you know it’ll be sooner than later.”