Boston Red Sox owners remain open to the idea of expanding to include an NBA or NHL team, or even both to their growing sports assets, Red Sox president and CEO Sam Kennedy said on Tuesday.
During a webinar on the business of baseball and where it’s headed that included MLB commissioner Rob Manfred discussing the European Super League soccer fiasco, Kennedy says the management of other leagues know that FSG is interested in franchises that come up for sale.
Kennedy, recently receiving a limited partner stake in FGS says Fenway Sports Group greatly admires the National Basketball Association and the National Hockey League and it’s natural for FSG to look into expansion. He also adds that there haven’t been any specific discussions or negotiations in the local market.
However, the company’s been maintaining relationships over the last 20 years with NBA commissioner, Adam Silver, and his team as well as NHL Commissioner Gary Bettman and Bill Daly, his deputy. This way, they know FSG remains interested in exploring opportunities with their league.
Also, new FSG partner, popular Lakers player Lebron James says he wants to have his own NBA team when his playing days end.
According to Kennedy, FSG received a capital infusion of about $750 million recently and is looking to expand internationally as well.
FSG has owned the Liverpool club for over a decade and is said to be scouting another European soccer team to purchase.
The company also made an announcement on co-developing a multi-use real estate project on the land area surrounding Fenway Park in Boston, Massachusetts near Kenmore Square last fall.
Kennedy says FSG is in full 3.0 mode after 20 years together and is excited about it especially since it’s such a great time for the industry generally. The Sports industry is bouncing back from COVID and he’s really optimistic about the future of Fenway Sports Group.
According to the Boston Globe owned by FSG’s principal owner John Henry, Kennedy believes Fenway 3.0 “is going to be about tripling down on new and different teams, leagues, revenues, maybe here in North America, maybe abroad, but I think we’ll see more of the same, which is a commitment to the blue-chip property and getting blue-chip management to come in and operate as we go forward.”
FSG’s leadership receives praises from Alex Rodriguez - a leading member of the ownership group that recently purchased the Minnesota Timberwolves in the MBA - for sharing ideas and best practices with him in the business of sports.
During Manfred’s segment, he mentioned that the decision to allow private equity was working another positive development for them. He says the FSG transaction is a good example as there’s a necessary commitment to capital to own a major league franchise.
As for his take on the Super League fiasco where Liverpool fans staged great protests to the decision resulting in Henry tendering an apology, Manfred believes that ‘‘you get a bump when certain very large iconic franchises do well but you need all 30. The second thing is all 30 of those franchises have fans and it’s about those fans at the end of the day, what they want to consume and that’s always, always what should guide and drive our business.”
What’s your take on the European Super League and the FSG?
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