LeBron James‘ path to NBA ownership just got a whole lot harder after the latest development from his business partners at Fenway Sports Group. In an update provided by The Athletic’s Dan Woike on Wednesday, he confirmed that LeBron will have to find other means to finance his post-retirement ambitions.
“Fenway Sports Group, James’ business partner since 2011 that owns both the Boston Red Sox and English Premier League soccer giant Liverpool, is not currently interested in pursuing the likely expansion opportunity in Las Vegas,” reported Woike. “One of those sources, who was not authorized to speak publicly for Fenway, said the global sports investment firm was out on NBA ownership in Las Vegas because of the expected cost — the league is reportedly seeking expansion fees as high as $8 billion per team.”
Fenway Sports Group is a global sports investment conglomerate valued at roughly $9.8-$10.5 billion. Led by principal owner John W. Henry and chairman Tom Werner, they already have several teams under their umbrella, including the Boston Red Sox, Liverpool FC, and Pittsburgh Penguins.
They’ve been angling to add an NBA team to that list for years, and Las Vegas has long been a special area of focus as LeBron has pushed for expansion into the city. As a hotbed of tourism and entertainment, Vegas is among the most popular places in America, and it just recently became the host city for teams like the Aces and Golden Knights. The NBA has gotten involved as well, choosing Las Vegas as the site of the NBA Cup tournament.
Still, with expansion looming, it’s becoming increasingly likely that Vegas will play a more prominent role in the NBA scene. With such a big presence already, it only makes sense, even if LeBron isn’t a part of it. As much as he wants to run the show for a Vegas-based franchise, the cost of such a project far outweighs what the investors at Fenway are willing to pay.
While LeBron may be worth $4 billion on his own, it’s not nearly enough to support an NBA team in Las Vegas, which would likely require between $7-10 billion. That kind of money isn’t easy to obtain, and it’s way past what even some of the wealthiest individuals can afford.
In the end, LeBron’s Vegas ambitions have taken a big hit, but that doesn’t mean the dream is over. He still has time to try and find other partners willing to make a bid, but he’ll have plenty of competitors as multiple groups try to get in on the action. The key for James is making the right alliances so that he can have the resources he needs at the proper time.
When that time actually is remains to be seen, but LeBron isn’t one to give up. If Fenway won’t get him what he needs, he’ll look somewhere else to try and make it happen. Before any of that, however, LeBron will have to retire from the NBA and leave his playing days behind. That decision will have to come before anything else, and he’s still mulling over what he wants to do this summer.
