LeBron James makes sizable profit from Liverpool investment
Three-time NBA champion LeBron James has reportedly made a sizable profit from his $6.5 million (€5.43m) investment in Liverpool FC in April 2011.
James' marketing firm, LRMR, agreed to a joint venture with Fenway Sports Partners in 2011 after Boston Red Sox owner John Henry and chairman Tom Werner bought Liverpool for $477 million (€398.3m) in October 2010.
James was given a 2% percent stake in the club at the time in lieu of roughly $6.5 million.
According to ESPN Senior writer Darren Rovell, the team could be sold today conservatively for $1.6 billion (€1.34m) which means that James' investment has grown nearly five times ($6.5 million to $32 million (€26.72m) in seven years.
— FanSided (@FanSided) May 3, 2018
James' business partner Maverick Carter said that it was an honour to join Fenway Sports Partners in the deal and that it's been thrilling to watch Liverpool climb back to the top of European football after the Reds defeated Roma 7-6 on aggregate on Wednesday to advance to the Champions League final where they will play two-time defending champions Real Madrid in Kiev, Ukraine, later this month.
"It has been an honor for us to be in on this deal with Fenway Sports Partners' John Henry and Tom Werner," Carter said.
"It has been a thrill to watch such a storied club make their way back to the top again and to be a part of it all. LeBron likes the fact that he's diversified in another global sport."