FSG - Portfolio & Influence

Written By Jason Stephens

This post takes a deeper look into Fenway Sports Group (FSG) portfolio and it’s connections / influence in the wider sporting landscape.

Past 12 Months

  • 2024 FSG has been actively looking for a second football club with Malaga the latest club linked in the press. However Levante, Elche, Espanyol, Getafe, and Real Valladolid have all been shortlisted in Spain, whilst KVC Westerlo (Belgium), Gil Vicente (Portugal), and Dundee United (Scotland) have also been under consideration.

  • 2024, an FSG-led consortium Strategic Sports Group (SSG) raised $3bn, acquiring a minority share (25%) in the new PGA Tour Enterprises, a commercial entity under the umbrella of the PGA.

  • FSG created FSG International, of which Billy Hogan was named CEO, this is to oversee their other football club acquisitions.

FSG Founder: John W. Henry

  • 1970s John Henry managed the family farming business using data algorithms to predict market trends.

Early entry in sports ownership,

      • Founded investment firm John W Henry & Company, at its peak had $2.5bn AuM.

      • 1991 acquired a minority stake in the New York Yankees. 

      • 1999–2002 purchased MLB team Florida Marlins for $158 million, later selling it to fund his Boston Red Sox acquisition.

      • 2024 net worth $5.1 billion

Fenway Sports Group

  • Before forming Fenways Sports Group (FSG) in 2011, John W. Henry formed New England Sports Ventures in 2001 alongside with Tom Werner and Larry Lucchino (who sadly passed away 2024). FSG is now a global sports, marketing, media, entertainment, and real estate company. 

    • Tom Werner, Chairman of FSG, net worth $2.04 billion

      • 1980 co-founded Carsey-Werner Productions

      • Early investment: Werner led a consortium that purchased the MLB team San Diego Padres (1990–1994) for $75 million

FSG Sporting Portfolio - SNAPSHOT

  • 2025 FSG portfolio is estimated at £10bn+

    • 97% Liverpool FC (Diversity Equity holds 2-3%)

    • 100% MLB Boston Red Sox

      • Single-A Salem Red Sox 

      • 10% Triple-A Worcester Red Sox

    • 50% RFK Racing 

    • 100% NHL Pittsburgh Penguins 

    • 100% Boston Common Golf TGL Franchise

FSG Links to Private Equity 

Arctos Sports Partners 

  • 2020 Arctos Sports Partners acquired 5% of FSG, initially the $300 - $350 million investment was used to support all FSG assets through Covid-19. 

Dynasty Equity 

  • 2022 Dynasty Equity was co-founded by Jonathan M. Nelson and K. Don Cornwell. 

  • 2023 Dynasty Equity invested between $100-$150m into Liverpool FC in return for a 2-3% stake in the English Football Club.

  • Dynasty Equity is a lead investor in TMRW Sports, a group Founded by Tiger Woods, Rory McIlroy, and sports executive Mike McCarley, TMRW Sports is focused on building progressive approaches in sports, media, and entertainment. 

  • TMRW sports first majority investment is the new TMRW Golf League (TGL) presented by SoFi, an innovative golf product.

  • TGL Valued at $500 million in 2024. 

  • FSG own Boston Common Golf one of six franchises within the TGL league 

Other investors in TMRWSports include

    • David Blitzer

    • David Arison 

    • Arthur M. Blank

    • Pat Battle: Diamond Baseball Holdings

RedBird Capital Partners:

  • RedBird Capital Partners, a New York-based private equity firm founded by Gerry Cardinale 2014, AuM $12 billion.

  • FSG sold a 11% stake in its overall FSG company to RedBird Capital Sports Partners for $735 million in March 2021. This provided capital to help fund future acquisitions. 

    • 2020 acquired an 85% stake in French football club Toulouse FC for $20m.

    • 2021 acquired 15% for $37.5 million in IPL (Cricket) franchise Rajasthan Royals 

    • 2022 acquired Italian Serie ‘A’ football club AC Milan for €1.2 billion

    • RedBird is a co-owner of the Yankees Entertainment Sports (YES) Network alongside the New York Yankees.

    • RedBird formed a joint venture with Abu Dhabi-based International Media Investments (IMI) called RedBird IMI. This venture received £1.9 billion in investment, with £595 million coming from Sheikh Mansour bin Zayed Al-Nahyan, the owner of Manchester City Football Club and IMI.

    • RedBird IMI added Front Office Sports to its portfolio in 2023.

      • Acquired All3Media for $1.5bn,  UK’s largest indie, owning 50 labels, this was there 5th acquisition in their opening year, following Los Angeles-based scripted production company Media Res; unscripted production company EverWonder Studios; children’s entertainment company Hidden Pigeon Company; and digital news outlet Front Office Sports.

    • 2023 RedBird in Partnership with Otro Capital, Ryan Reynolds, Rob McElhenney, and Michael B. Jordan invested $220m in F1 team Alpine acquiring a collective 24% stake.

  • Alec Scheiner: A former executive of RedBird Capital Partners and Co-founder of Otro Capital (a spinoff company from RedBird) has been linked with transferring ownership of Toulouse to Otro to help navigate UEFA MCO ownership regulations.

FSG Portfolio Insights

Strategic Sports Group (SSG)

  • 2024, FSG-led consortium Strategic Sports Group (SSG) raised $3bn acquiring a minority share (25%) in the new PGA Tour Enterprises, a commercial entity under the umbrella of the PGA. The agreement will provide the PGA with $1.5 billion in upfront capital and provides 200 PGA Tour players a unique opportunity to receive equity in the newly created company PGA Tour Enterprises. The remaining $1.5bn is earmarked for future deployment.

  • The deal values the newly formed commercial arm at $12.3 billion

  • The investment also granted SSG oversight of the PGA Tour’s media rights, sponsorship assets, and tournament operations—a strategic shift from the Tour’s traditional nonprofit structure.

Boston Common Golf

  • TGL is a new team golf league that fuses advanced tech and live action with six teams of PGA TOUR superstars. TGL teams include Atlanta Drive GC, Boston Common Golf, Jupiter Links Golf Club, Los Angeles Golf Club, New York Golf Club, and The Bay Golf Club with each team featuring four players

  • FSG paid $30 million for a franchise and in return received 3% equity stake in the TGL league itself.

    • Inaugural competition took place Jan-March 2025, Atlanta Drive GC claiming the $9m prize pot.

    • Expansion: A Dallas ownership group has reportedly put together a $77 million bid for a new franchise, showing that the TGL is set to reach new markets.

Spring Hill Company / Fulwell Entertainment

  • 2011 LeBron James owned 2% in Liverpool FC

  • 2021, LeBron James, Maverick Carter, and Paul Wachter exchanged their Liverpool FC stake to become 1% stakeholder in the wider FSG's portfolio. 

    • James secured additional equity in FSG as part of a lifetime marketing deal between FSG and his LRMR Ventures in 2023.

  • SpringHill was co-founded by NBA star LeBron James and business partner Maverick Carter in 2020 and was valued at $725 million in 2021.

  • In October 2021 FSG and RedBird Capital both invested in the company.

  • 2024 SpringHill merged with Fulwell 73 to create Fulwell Entertainment. Fulwell 73 was a British production company known for The Late Late Show with James Corden. The new company received a combined $40 million from investors which include (FSG, RedBird Capital Partners, UC Investments and Eldridge Industries [a Todd Boehly company] ), the JV will focus on film, TV, documentaries, live events, and branded content

Notable Partnerships 

  • UNINTERRUPTED: won a Sports Emmy for athlete empowerment and sports media.

  • RedBird Capital Partners: RedBird is a strategic investor in SpringHill, providing capital and industry connections to scale operations

  • NIKE: Working with the brands leading athletes in story telling, developing campaigns and projects that highlight athlete narratives and inspire communities.

  • MAIN STREET ADVISORS: Helps secure partnerships with influential figures and organisations across media, music, and professional sports.

  • EPIC GAMES: Creating immersive digital experiences. This includes integrating LeBron James into Fortnite and exploring opportunities in the Metaverse to expand interactive storytelling.

Liverpool FC 

  • Acquired Liverpool FC 2010 for $344m / £300m, Forbes 2024 values club at £4.3 billion.

  • 2023 Dynasty Equity acquired a minority stake in Liverpool FC in September 2023, valued between $100 million and $200 million, representing approximately 1.9% to 3.8% off the club's equity.

Boston Red Sox (MLB)

  • Acquired 2001 when Henry led a purchase of the Boston Red Sox for $700 million. 

  • Forbes values the Red Sox at $3.9 billion. This includes Fenway Park, 5,000-MGM Music Hall, Fenway South - the Red Sox’ spring training home in Fort Myers, 11,000 seat JetBlue Park, the Single-A Salem Red Sox, and a 10% stake in the Triple-A Worcester Red Sox.

Pittsburgh Penguins (NHL)

  • 2021 acquired a controlling stake in the Pittsburgh Penguins for a reported $900 million. 2024 Forbes values the Penguins at $1.47bn, a growth of $570 million over three years.

RFK Racing 

  • In 2007, FSG bought a 50% stake in NASCAR‘s famed Roush Racing, which won the 2003 and 2004 NASCAR driver championships with Matt Kenseth and Kurt Busch, respectively. Roush Fenway won second division titles in what’s currently known as the Xfinity Series in 2007, 2011, 2012, and 2015. In 2021, driver Brad Keselowski joined the team as a minority stakeholder as the group rebranded to RFK. Value of RFK is between $150-$200m.

FSG Other Companies

New England Sports Network

  • FSG owns a reported 80% stake in regional sports network NESN that primarily broadcasts Red Sox and Boston Bruins games. NESN also has a website, mobile apps, social media platforms, and is reportedly working on sports betting opportunities and SportsNet Pittsburgh,

  • NESN has been one of the most successful and prestigious regional sports networks in the U.S. and ranked one of the 10 most valuable sports business brands in the world by Forbes Magazine for four straight years.

Boston Globe

  • In 2013, John W. Henry personally purchased The Boston Globe for $70 million, separate from NESN and FSG.

Fenway Sports Management

  • Fenway Sports Management is a marketing firm that serves as the sponsorship sales arm for the Red Sox, Liverpool, RFK Racing

Fenway Sports Group Real Estate

  • Fenway Sports Group Real Estate oversees the company’s properties like the area in and around Fenway Park and the Fenway neighborhood of Boston and Fenway South in Florida

  • Established in 2005, Fenway Sports Group Real Estate (FSGRE) is a private real estate firm that oversees the assets, acquisitions, and development of properties owned by FSG, including the MGM Music Hall, a new, state-of-the-art performing arts cente connected to Fenway Park, and Fenway South, 20 acres of land that abuts JetBlue Park’s Player Development Complex in Lee County, Florida. In addition to the MGM Music Hall, FSGRE manages multiple properties in the Fenway neighborhood of Boston. In October of 2020, FSGRE entered a joint venture with WS Development and ’47 Brand to redevelop certain real estate parcels in the Fenway neighborhood owned by both FSGRE and the D’Angelo family, owners of ’47 Brand

Next Moves

  • NBA Expansion franchise, with LeBron James. James has a clause in his contract that allows him to buy an expansion franchise once he stops playing.

  • FSG International is set up as a holding company to facilitate FSG imminent move to buy a second football club.

Jason Stephens
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