Dreams dashed? LeBron James' chances of acquiring an NBA team diminish as partner withdraws from expansion bid.

Beijing time March 19, according to Lakers reporter Woike, Fenway Sports Group (FSG), which has long collaborated with James and was previously considered highly likely to bid for an NBA team in Las Vegas, has now decided not to participate in the bidding.

Ten years ago in August, James first publicly stated his desire to own an NBA team in the future. Nearly four years ago, he explicitly said he wanted to place the team in Las Vegas. As the league takes a crucial step next week regarding expansion in Las Vegas and Seattle, James' decade-long pursuit of this dream is gradually fading.

According to two sources directly familiar with Fenway's intentions who spoke to The Athletic,Fenway Sports Group, James' business partner since 2011 and owner of the Boston Red Sox and Liverpool FC, currently has no intention of bidding for an expansion team in Las Vegas.One source, not authorized to speak publicly, stated that this global sports investment firm withdrew due to the anticipated high costs—reportedly, the league's expansion fee for each new team could reach up to $80 billion.

FSG has long been viewed as the primary financial backing for James' NBA team acquisition. A source close to James said, "With Fenway no longer involved in acquiring an NBA team, LeBron's likelihood of bidding for a team has also decreased."

An FSG spokesperson declined to comment.

The 41-year-old James is still playing for the Los Angeles Lakers. Forbes estimates his net worth at approximately $1.4 billion, but this is far insufficient to cover the expansion fee; he would have needed to partner with an investment group to complete the acquisition anyway. Besides FSG, he also has connections with other wealthy individuals and corporations.

For example, James visited Saudi Arabia in 2023 as a guest of the Saudi Sports Ministry, which collaborates with the Saudi Public Investment Fund. However, under current NBA rules, sovereign wealth funds cannot hold more than 20% ownership.

Additionally, James must retire before formally initiating a team acquisition. He has not yet decided whether to play in the 2026-27 season.Reports indicate the NBA plans for new teams to officially begin playing in the fall of 2028 (if expansion is ultimately approved). For James, this timeline is either extremely tight or nearly impossible for finding new investors and completing a bid.

On August 17, 2016, James said on his Uninterrupted podcast: "My dream is to actually own a team."

Nearly a year later, he told The Athletic: "Why do I want to own a team? I think it would be cool. I could stay involved in the sport and provide positions of power to others. I've always enjoyed doing that—giving people opportunities to make changes and accomplish things."

In 2019, he bluntly told reporters: "There's no hesitation. I'm definitely going to do it."

In June 2022, he clearly stated on his show The Shop:

"I want a team in Las Vegas."

But FSG has always been a core part of his acquisition plan.Now, unless Fenway changes its mind or the league modifies its rules, his plan appears difficult to advance.

The partnership with FSG is one of James' most significant investments and relationships in sports. He is a shareholder in FSG. Their collaboration began in 2011 when Fenway reached a global marketing sponsorship deal with James' agency LRMR, and James acquired a 2% stake in Liverpool.

In 2021, James became a partner in FSG, holding a 1% stake, indirectly owning assets like the Red Sox and Roush Fenway Racing. His longtime friend and business partner Maverick Carter is also an FSG partner; both gained additional equity in early 2023.

Fenway was founded and operated by Red Sox owner John Henry, with board chairman Tom Werner, a prominent TV producer. The company owns multiple sports assets and recently sold the NHL's Pittsburgh Penguins at an estimated valuation of around $170 billion.

Regarding the NBA expansion process: multiple media outlets reported Monday that the league's board of governors will vote at a March 25 meeting on whether to formally initiate expansion evaluations for Las Vegas and Seattle.

If approved as expected, the league office will solicit formal bid proposals, review them, and submit them for approval by existing owners. Final approval requires at least 23 votes from the 30 current teams.

NBA team valuations have soared dramatically over the past five years. A few years ago, financial experts estimated a new team might cost $5 billion; after the Celtics sold for $6.1 billion and the Lakers for $10 billion, the threshold is entirely different.