Los Angeles Lakers superstar LeBron James reportedly is increasing his equity in Fenway Sports Group as part of a lifetime deal.
James and Maverick Carter, who is one of the four-time champion’s longtime business partners, received about a one percent stake in the group back in 2021.
“FSM and LRMR Ventures have extended their longstanding strategic partnership into a lifetime deal that will allow FSM to continue to secure exclusive, global marketing and sponsorship opportunities for four-time NBA Champion LeBron James,” stated the group in a press release. “As part of the agreement, James, and co-founder of LRMR Ventures Maverick Carter will receive additional equity in FSM’s parent company FSG. James and Carter became members of FSG’s ownership group in 2021.”
The 19-time All-Star is a star for the Lakers on the court, becoming the NBA’s all-time leading scorer this season, but he has made some terrific investment moves off the court as well.
A four-time champion, James has endorsement deals with Nike, AT&T and PepsiCo, and he also has his own personal business ventures. Those include the SpringHill Company and the pizza chain Blaze.
Fenway Sports Group recently purchased the Penguins in the NHL, and the company is reportedly looking into a potential NBA investment as well.
This is a great business move for James, especially since the Red Sox alone have seen their value increase dramatically over the last 10 years.
James is one of the most influential athletes in the world, and he’s clearly used his success and business smarts to his advantage with these investment opportunities.
On the floor, James is having another terrific season for the Lakers, although he is currently out of the lineup with a foot injury.
In 47 games this season, the four-time MVP is averaging 29.5 points, 8.4 rebounds and 6.9 assists per game while shooting 50.1 percent from the field and 30.8 percent from beyond the arc.
James’ play, especially when Anthony Davis was sidelined earlier this season, has kept the Lakers alive in the playoff chase in the 2022-23 campaign.
The Lakers currently hold the No. 9 spot in the Western Conference and are just 1.5 games back of the No. 6 seed Golden State Warriors. With a strong finish to the 2022-23 season, the Lakers could work themselves out of the play-in tournament and into the playoff field directly.
As James looks to add to his impressive resume on the court once he returns from his foot injury, he is also making waves in the business world that will likely continue well beyond his NBA career.