Post by Gisele Bündchen on Apr 6, 2011 21:20:49 GMT -1
BOSTON
Miami Heat star LeBron James is joining forces with Fenway Sports Group (FSG) in a deal that will give the seven-time NBA All-Star a minority stake in English Premier League soccer club Liverpool FC, The Wall Street Journal reported Wednesday.
James is teaming up with hedge-fund manager John Henry and veteran Hollywood producer Tom Werner of FSG in a deal that brings together one of the biggest stars in sports and two of the world's most renowned teams.
FSG, which also owns the Boston Red Sox, is partnering with James' sports-marketing firm LRMR Branding & Marketing to become the exclusive world-wide representative for the two-time NBA Most Valuable Player.
The deal marks the first time that a professional athlete at the top of his game has taken an ownership interest in a team with the size and reach of Liverpool, which is one of the most popular and powerful sports franchises in the world.
It also adds yet another dimension for Boston-based FSG, which became a global operation last October when it bought Liverpool for $488 million (£298.8 million). The company was founded as New England Sports Ventures nine years ago after Henry and Werner bought the Red Sox and 80 percent of regional sports channel New England Sports Network.
By partnering with James, FSG will be representing the commercial interests of an individual athlete for the first time.
"We're not interested in talent or athlete representation but we think he is one of the most remarkable athletes of his time," Werner said in an interview Tuesday. "We believe we can open doors for LeBron and LeBron can open doors for us."
Executives involved with the deal declined to comment on the financial terms, but a person familiar with the details said FSG would receive a small commission on any deals it landed for James.
"The first time I stepped on an NBA court I became a businessman," said James, who is 26 years old. "This is a great opportunity for me."
In addition to his $15.8 million (£9.7 million) salary from the Miami Heat, James earns an estimated $30 million (£18.4 million) annually from endorsements with such blue-chip companies as McDonald's, Nike, and Coca-Cola. His image took a major hit last summer when he was criticized by the media and NBA Commissioner David Stern for teaming up with ESPN to create "The Decision," an hour-long televised special during which he announced his choice to leave the Cleveland Cavaliers for the Miami Heat.
According to Deloitte's 2010 Football Money League report, Liverpool is the world's eighth-biggest soccer team by revenue, with $320 million (£195.9 million) in revenue during the 2009-10 season. Liverpool and Manchester United have won 18 top division championships, the most among English teams, and both are wildly popular in Asia, where Liverpool will tour this summer.
"Eighteen championships," James said. "I see myself trying to do the same things they have."
Miami Heat star LeBron James is joining forces with Fenway Sports Group (FSG) in a deal that will give the seven-time NBA All-Star a minority stake in English Premier League soccer club Liverpool FC, The Wall Street Journal reported Wednesday.
James is teaming up with hedge-fund manager John Henry and veteran Hollywood producer Tom Werner of FSG in a deal that brings together one of the biggest stars in sports and two of the world's most renowned teams.
FSG, which also owns the Boston Red Sox, is partnering with James' sports-marketing firm LRMR Branding & Marketing to become the exclusive world-wide representative for the two-time NBA Most Valuable Player.
The deal marks the first time that a professional athlete at the top of his game has taken an ownership interest in a team with the size and reach of Liverpool, which is one of the most popular and powerful sports franchises in the world.
It also adds yet another dimension for Boston-based FSG, which became a global operation last October when it bought Liverpool for $488 million (£298.8 million). The company was founded as New England Sports Ventures nine years ago after Henry and Werner bought the Red Sox and 80 percent of regional sports channel New England Sports Network.
By partnering with James, FSG will be representing the commercial interests of an individual athlete for the first time.
"We're not interested in talent or athlete representation but we think he is one of the most remarkable athletes of his time," Werner said in an interview Tuesday. "We believe we can open doors for LeBron and LeBron can open doors for us."
Executives involved with the deal declined to comment on the financial terms, but a person familiar with the details said FSG would receive a small commission on any deals it landed for James.
"The first time I stepped on an NBA court I became a businessman," said James, who is 26 years old. "This is a great opportunity for me."
In addition to his $15.8 million (£9.7 million) salary from the Miami Heat, James earns an estimated $30 million (£18.4 million) annually from endorsements with such blue-chip companies as McDonald's, Nike, and Coca-Cola. His image took a major hit last summer when he was criticized by the media and NBA Commissioner David Stern for teaming up with ESPN to create "The Decision," an hour-long televised special during which he announced his choice to leave the Cleveland Cavaliers for the Miami Heat.
According to Deloitte's 2010 Football Money League report, Liverpool is the world's eighth-biggest soccer team by revenue, with $320 million (£195.9 million) in revenue during the 2009-10 season. Liverpool and Manchester United have won 18 top division championships, the most among English teams, and both are wildly popular in Asia, where Liverpool will tour this summer.
"Eighteen championships," James said. "I see myself trying to do the same things they have."
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