LeBron James, a basketball superstar, has acquired a minority stake in the Boston Red Sox, one of the most successful teams in Major League Baseball (MLB).
The acquisition comes as part of a deal where James and his business partner Maverick Carter purchased an ownership interest in Fenway Sports Group, the parent company of the Red Sox and Liverpool FC.
This move is seen as a significant milestone for James, who has been vocal about his desire to own a sports franchise.
The deal also cements James' status as one of the most successful athlete-entrepreneurs of his generation, with a burgeoning media empire and numerous business ventures under his belt.
The acquisition is a further indication of the growing convergence between sports and business, with athletes looking to leverage their star power to become successful entrepreneurs.
James' investment in Fenway Sports Group is expected to yield substantial returns, with the company boasting a portfolio of high-profile sports assets, including NASCAR team Roush Fenway Racing.
James' stake in the Red Sox also makes him the first black owner in the history of the team, a milestone that he has acknowledged as both a privilege and a responsibility.
The move also marks a departure from the traditional model of athlete ownership, where retired players typically invest in teams after their playing careers are over.
Overall, James' acquisition of a minority stake in the Boston Red Sox is a significant development in the world of sports and business, cementing his status as a pioneering athlete-entrepreneur and giving him a platform to make a positive impact both on and off the field.