LAS VEGAS – LeBron James’ long-held ambition of owning an NBA franchise faces a significant hurdle as his business partners at Fenway Sports Group (FSG) are reportedly unwilling to pursue a team in Las Vegas, even as the league prepares to consider expansion. The potential for expansion to Las Vegas and Seattle is set for a vote on March 25, but FSG’s reluctance casts doubt on James’ ability to realize his ownership dream.
For years, James has publicly expressed his desire to own an NBA team, specifically targeting Las Vegas as the ideal location. He first publicly declared his interest in NBA ownership in August 2016, and reiterated his preference for Las Vegas in June 2022, stating, “I want a team in Vegas. I want the team in Vegas.” However, the financial realities of acquiring a franchise, coupled with FSG’s current stance, are complicating matters.
According to two sources with direct knowledge of the firm’s intentions, FSG is hesitant to bid on a Las Vegas expansion team due to the expected cost. The NBA is reportedly seeking expansion fees as high as $8 billion per team, a figure that appears to be a deterrent for the sports investment firm. A source close to James told The Athletic, “With Fenway no longer pursuing NBA ownership, it is less likely that LeBron will pursue a team.” FSG declined to comment on the report.
A Decade-Long Pursuit
James’ interest in NBA ownership dates back over a decade. In 2016, he shared his aspirations on the “Open Run” podcast, stating, “My dream is to actually own a team.” He elaborated on his motivations in a later interview with The Athletic, explaining that ownership would allow him to “stay part of the game and still be able to put people in positions of power.”
His partnership with FSG, which began in 2011 with a marketing deal involving Liverpool F.C., was seen as a crucial stepping stone toward achieving that goal. James became a partner in FSG in 2021, acquiring a 1 percent stake in the firm, which also owns the Boston Red Sox and Roush Fenway Racing. Maverick Carter, James’ longtime friend and business partner, also holds a partnership stake in FSG.
Financial Realities and Potential Alternatives
While James, with a net worth of $1.4 billion as of Wednesday, according to Forbes, is a significant investor, his personal wealth is insufficient to cover the anticipated expansion fee alone. He would require substantial backing from a team of investors to make a serious bid. The recent sales of the Boston Celtics for $6.1 billion and the Los Angeles Lakers for $10 billion demonstrate the escalating value of NBA franchises.
James has explored other potential avenues for investment, including a trip to Saudi Arabia in 2023 where he met with officials from the Ministry of Sport and the Saudi Public Investment Fund. However, current NBA rules limit sovereign wealth funds to owning no more than 20 percent of a team.
Timeline and Retirement Question
Adding another layer of complexity, James, 41, would likely need to retire as an active player to be eligible to launch a bid for team ownership. He remains undecided about playing in the 2026-27 season. With the NBA reportedly considering a fall 2028 launch for potential expansion teams, the timeline presents a significant challenge for James to secure new investment partners and submit a bid.
FSG’s portfolio extends beyond baseball and soccer, having previously owned the Pittsburgh Penguins until selling the NHL club earlier this year for roughly $1.7 billion. The firm is controlled by John Henry and Tom Werner, and also includes RedBird Capital as a significant shareholder.
Next Steps for NBA Expansion
The NBA’s Board of Governors is scheduled to vote on March 25 to authorize the league to formally evaluate Las Vegas and Seattle as potential expansion markets. If the motion passes, as expected, Commissioner Adam Silver’s office will solicit bids from prospective ownership groups, review them, and present proposals to the existing team owners for approval. 23 of the 30 team owners must approve any expansion plan.
The path to NBA ownership for LeBron James remains uncertain, heavily reliant on a potential shift in FSG’s strategy or a change in league regulations. The March 25 vote represents the next key step in the expansion process, and will provide further clarity on the future of the league and James’ aspirations.
This story is developing and will be updated as more information becomes available.
Have thoughts on LeBron James’ potential NBA ownership bid? Share your comments below and join the conversation.
Worth a look
