Fenway Sports Group (FSG) does not plan to bid on a future NBA expansion franchise in Las Vegas, two people with direct knowledge of the company told The Athletic, curbing LeBron James’ most straightforward route to team ownership.
The NBA’s Board of Governors is expected to discuss possible expansion to Las Vegas and Seattle at next week’s meeting, and league sources estimate the entry fee could reach $8 billion per club. Cost was cited as the primary reason for FSG’s lack of interest, according to the report by Joe Vardon and Mike Vorkunov.
James, 39, first said in 2016 that he wanted to own an NBA franchise and publicly targeted Las Vegas four years later. The four-time MVP became an FSG partner in 2021 after holding stock in the company since 2011, a stake that already grants him minority interests in the Boston Red Sox, Roush Fenway Racing and other properties. Long-time business associate Maverick Carter also holds FSG equity.
Without FSG in the race, a source close to James told The Athletic that the Lakers star is now less likely to pursue an expansion slot. Forbes currently pegs his net worth at $1.4 billion, well below the anticipated expansion price tag, meaning he would still need a consortium of investors.
James has ties to several high-net-worth individuals, including contacts made during a 2023 visit to Saudi Arabia at the invitation of the Ministry of Sport, which partners with the Saudi Public Investment Fund. NBA rules, however, restrict sovereign wealth funds to a maximum 20 percent stake in any franchise.
League bylaws also require an active player to retire before acquiring a team. James has not announced plans for the 2024-25 season, and with new clubs potentially debuting in 2028, the window to assemble investors and file a formal bid appears limited.
Source: Hoops Rumors
