LeBron James' dream of owning expansion NBA franchise has hit a snag
LeBron James may end up backing off on his dream of owning a new NBA franchise located in Las Vegas.
Over the last few years, LeBron James has made it known publicly that he wants to own an NBA franchise, preferably an expansion franchise in Las Vegas. On March 25, the league could take an important step toward adding two new teams — one in Las Vegas and one in Seattle — when team governors will vote on whether to allow the league to do just that. But there is now some real doubt about whether James will be able to achieve his dream of team ownership.
According to a report by Dan Woike of The Athletic , James' holding conglomerate is "not currently interested" in going after the opportunity to own an expansion team. “Fenway Sports Group, James’ business partner since 2011 that owns both the Boston Red Sox and English Premier League soccer giant Liverpool, is not currently interested in pursuing the likely expansion opportunity in Las Vegas, two sources with direct knowledge of the firm’s intentions told The Athletic,” Woike wrote. “One of those sources, who was not authorized to speak publicly for Fenway, said the global sports investment firm was out on NBA ownership in Las Vegas because of the expected cost — the league is reportedly seeking expansion fees as high as $8 billion per team.
“FSG was long expected to be James’ primary financial backer in his stated desire to be an NBA team owner, and because of that, a source close to James said, 'With Fenway no longer pursuing NBA ownership, it is less likely that LeBron will pursue a team. '” Apparently, James simply isn't wealthy enough to make his dream come true. “James, 41, who still stars for the Los Angeles Lakers as a player, is worth $1.
4 billion as of Wednesday, according to Forbes. But his personal worth is not nearly high enough to cover the cost of the expansion fee, and he was always going to need to join a team of investors to make his bid come true. ” The NBA is looking for both expansion teams to begin play during the 2028-29 season, which means James will have to end his playing career before that time in order to become a team owner, should he find a way to come up with enough capital.