LeBron James’ decade-long dream of owning an NBA team is facing a significant hurdle. With the league expected to move forward with placing teams in Las Vegas and Seattle, James’ ambition could be dwindling.
Fenway Sports Group Withdraws Interest
Fenway Sports Group (FSG), James’ business partner since 2011, is reportedly not interested in pursuing an NBA expansion opportunity in Las Vegas. The firm owns both the Boston Red Sox and Liverpool. Sources with direct knowledge of FSG’s intentions told The Athletic that the expected cost is the reason, with the league reportedly seeking expansion fees as high as $8 billion per team.
One source stated the global sports investment firm was out on NBA ownership in Las Vegas because of the expected cost.
Impact on James’ Ownership Hopes
FSG was expected to be James’ primary financial backer in his desire to be an NBA team owner. A source close to James said that with FSG no longer pursuing NBA ownership, it is less likely that LeBron will pursue a team.
James, who plays for the Los Angeles Lakers, has a net worth of $1.4 billion, according to Forbes. However, his personal wealth is not sufficient to cover the expansion fee, meaning he would need to partner with other investors.
Other Potential Investors and Timelines
James does have relationships with wealthy business owners beyond FSG. For example, James made a trip to Saudi Arabia in 2023, where he was the guest of the country’s Ministry of Sport. The Ministry of Sport is a collaborative partner of the Saudi Public Investment Fund. But current NBA rules do not allow sovereign wealth funds to own more than 20 percent of a team.
James would need to retire from playing before launching a bid for team ownership. He is undecided if he will play in 2026-27. The NBA is reportedly considering the fall of 2028 as a potential launch for the new teams. The timeline would either be very tight or impossible for James to find new investment partners and submit a bid.
James’ Previous Statements on Ownership
In August 2016, James stated, “My dream is to actually own a team.” In an interview with The Athletic nearly a year later, James said, “Why do I want to own a team? I think it’ll be cool. I’ll stay part of the game and still be able to put people in positions of power. I’ve always loved that, putting people in a position of power to feel like they can make a change and make things happen.”
A spokesperson for FSG declined to comment.
The NBA is set to take a big step next week toward placing teams in both Las Vegas and Seattle.