Liverpool progress secured after LeBron James’ £ 500million investment in FSG
Posted On March 31, 2021
Liverpool’s ‘future growth’ was secured after RedBird Capital invested more than £ 500million in club owners Fenway Sports Group.
The Premier League champions are estimated to have lost around £ 120million over the past year due to the Covid-19 pandemic. The news will therefore be welcome at Anfield. The passage of RedBird, which was mentioned earlier this month, has been confirmed. This will see them acquire more than 10% of John W Henry’s FSG. the Echo of Liverpool report that the investment is based on a valuation of £ 5.38 billion for FSG.
This means that NBA star LeBron James, who has held shares in Liverpool since 2011, and Maverick Carter will become the first black partner in FSG history.
James, 36, who is one of the richest sports stars in the world with a Net wealth of $ 500 million. He will now have a more voice in the management of Liverpool.
The little LA Lakers forward is also set to become part-owner of the Boston Red Sox and the FSG’s other sporting sport. subsidiaries.
A statement from FSG read: “Over the years, Fenway Sports Group has been able to attract a dedicated group of executives and partnerships seeking to compete for titles in the most challenging and rewarding landscapes.
“Our strategic partnership with Gerry and the entire RedBird team will strengthen our ability to pursue future growth opportunities in a more accelerated manner. But with the same selectivity that has served us so well.
“We are also pleased to welcome to our ownership group LeBron, Maverick and Paul, with whom we have enjoyed a successful collaboration for over a decade.
“Their addition is an important step for FSG. And broadens and deepens a long-standing friendship and relationship that began in 2010. ”
“To our fans and supporters: winning continues to be the driving force for all of us.
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“FSG’s growth as an organization allows us to further strengthen our resources and commitment to the communities we serve. And we can’t wait for these talented new partners to join us in the next chapter in the evolution of FSG.
Echo report that part of the new investment will help FSG reduce debts incurred over the past 12 months. The club owners borrowed against their Boston business rather than against the club. The new injection of liquidity will reduce their debt.
Gerry Cardinale, Founder and Managing Partner of RedBird, said: “Fenway Sports Group is unique not only for the quality of its sports properties and assets, but also for the highly disciplined and results-oriented organization that John, Tom, Mike and the FSG team have built over the past 20 years.
“RedBird shares the same passion for performance-driven investing, business operations, fan experience and community service.
“We look forward to sharing our experience in growing leading sports properties. And working alongside this great management team, including our fellow new owners LeBron, Maverick and Paul.
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