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LeBron James and Fenway Sports Group Invest $900 Million in Pittsburgh Penguins

LeBron James, the Los Angeles Lakers star, is no stranger to diversifying his financial portfolio. The NBA icon has several sources of income, ranging from his lucrative playing contract to his media company and even his production deals. However, one of the most noteworthy aspects of James' financial success is his ownership of Fenway Sports Group (FSG).

FSG is a global sports and entertainment company that owns and operates some of the most iconic franchises in sports, including the Boston Red Sox, Liverpool FC, and most recently, the Pittsburgh Penguins. FSG's latest investment in the NHL team has piqued the interest of many, including fans of the team and James himself.

The Pittsburgh Penguins are a National Hockey League franchise with a storied history. The team has won 9 division championships, 6 conference championships, and 5 Stanley Cups. With such a strong track record, it's not surprising that FSG expressed interest in ownership of the team. According to reports, FSG secured a controlling stake in the team for $900 million in 2021 and took control on December 31 of the same year.

As a result of James' ownership stake in FSG, many fans are curious about how this investment affects him. While the exact percentage of the Pittsburgh Penguins that James owns is unknown, it's safe to assume that his stake has increased over the years. In 2011, it was reported that James owned around 1% of FSG. However, given his continued involvement with the company and its expansion into new markets, it's likely that James' ownership stake has grown substantially.

As majority owners of the Penguins, FSG wasted no time in making changes to the team's management. Following the team's failure to qualify for the playoffs after a 17-year run, FSG parted ways with the President of Basketball Operations, the GM, and the assistant GM. While the move may have come as a surprise to some fans, it was necessary to address the team's lack of success and to ensure that the franchise moves forward in a positive direction.


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