RedBird Capital Acquiring Ten Percent of Fenway Sports Group for $750 Million
RedBird Capital is nearing a deal to acquire more than 10% of Fenway Sports Group for approximately $750 million, according to individuals familiar with the matter. The deal values the owner of the Boston Red Sox and Liverpool FC at more than $7 billion, according the people, who were granted anonymity because the matter is private. It would be the latest sports-related investment for RedBird, following the acquisition of Toulouse FC and the XFL, which is scheduled to relaunch in 2022.
RedBird founder Gerry Cardinale for some time has been trying to acquire a piece of Fenway, which is controlled by John Henry. Cardinale declined to comment. A SPAC led by Cardinale and baseball executive Billy Beane had been in negotiations to acquire a portion of Fenway earlier this year, in a deal that would have valued the company at $8 billion. Those talks ultimately led to the private investment by RedBird. The deal will likely close in the next six weeks. Red Sox executive Sam Kennedy didn’t immediately return an email seeking comment.
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