Fenway Sports group wants to buy an NBA Team in 2022

[soxhop411]

Fenway Sports Group wants to buy an NBA team once it's done acquiring the NHL's Pittsburgh Penguins, Axios has learned.

Why it matters: FSG is pioneering a new sort of corporate sports ownership, buying up marquee franchises in different geographic markets.

• FSG currently owns the The Boston Red Sox and a NASCAR team in the U.S., plus Liverpool F.C. in Europe. It also recently invested in Spring Hill Group, a content production firm co-founded by LeBron James and Maverick Carter (both of whom have small stakes in FSG).

Behind the scenes: A source close to the FSG/Penguins negotiations says that the sale price will be around $875 million, and adds that FSG would have been interested in buying the Boston Bruins were the club to have been available. The sellers are financier Ron Burkle and Penguins legend Mario Lemieux.

• FSG first signaled its interest in buying an arena-based team while trying to solicit investors last year for an unsuccessful SPAC deal.
• It now wants to add an NBA team to its portfolio, with expectations that it will seek out a target in 2022.

https://www.axios.com/red-sox-fenway-sports-owner-nba-0557a995-028f-49c5-8d90-90dc2d17e184.html

 

[soxhop411]

I wonder if they could be after one of the expansion teams (like if the NBA returns to SEA)...

 

[Phil Plantier]

I wonder if they could be after one of the expansion teams (like if the NBA returns to SEA)...

I was wondering about Phoenix, if the Robert Sarver stuff gets traction. I don't know of any franchises looking to sell. Detroit? OKC? Denver?

 

[luckiestman]

I was wondering about Phoenix, if the Robert Sarver stuff gets traction. I don't know of any franchises looking to sell. Detroit? OKC? Denver?

pelicans

 

[JOBU]

This is kinda weird. Adding nhl and nba in same week? What the heck is going on?

 

[Cesar Crespo]

I haven't been following Robert Sarver closely enough to know if he's in any real danger of having to sell the Suns. That would be a get. Maybe they can buy the Timberwolves from Arod.

 

[Red(s)HawksFan]

This is kinda weird. Adding nhl and nba in same week? What the heck is going on?

They've added neither. It's only stories of interest and negotiations at this point. I don't think there's anything going on other than FSG has some cash to burn and want to expand their portfolio.

 

[scottyno]

Uh oh, the people who hated them for adding the penguins are really going to go nuts now because I don't think the Celtics are available

 

[CaptainLaddie]

Uh oh, the people who hated them for adding the penguins are really going to go nuts now because I don't think the Celtics are available

I mean, so long as they don't buy the Lakers, Knicks, or Sixers, I'm sure people will be rational.

 

[scottyno]

I mean, so long as they don't buy the Lakers, Knicks, or Sixers, I'm sure people will be rational.

They're considering buying a hockey team that a team they don't own but share a city with will face in the playoffs going forward about once every 50 years and people got ridiculously upset

 

[BrooklynDog45]

How can they buy NBA team with LeBron James as part of FSG ownership? Wouldn't they have to wait until he retires.

 

[Ale Xander]

If the "marquee" quote is to be believed and strictly evaluated, that leave what, 4 franchises? Celtics, Lakers, Spurs, Bulls. I don't see FSG owning both Red Sox and Celtics (or Pagliuca/Wyc selling), Lakers not gonna happen for a variety of reasons, Spurs are pretty much the best run franchise in the NBA so not much to improve on, plus owned by a conglomerate basically, so that leaves the Bulls. Reinsdorf is 85, his wife passed this year, so if the kids don't want it, I can see it happening. Old arena to improve on, fairly good fandom, etc. Plus wasn't Lebron a Bulls fan in the 90's? Chicago has another thing similar to Pittsburgh: proximity to Akron. lol.

 

[bankshot1]

If they can't find a willing seller, why not pitch Pittsburgh as city that is NBA franchise worthy, and get an additional 50 nights a year for their arena. Nice synergy.