Shearman & Sterling represented Fenway Sports Group, LLC (FSG) in a significant investment in FSG by RedBird Capital Partners (RedBird). The investment is based on an enterprise value for FSG of $7.35 billion.
Additionally, in connection with the investment by RedBird, certain interests held by LeBron James, Maverick Carter and Paul Wachter in Liverpool Football Club, which is owned by FSG, as well as certain long-term incentive plan interests held by Red Sox President & CEO Sam Kennedy, were converted into ownership interests in FSG.
FSG is a global sports, marketing, media, entertainment, and real estate platform anchored by two iconic clubs, the Boston Red Sox and Liverpool Football Club (LFC). FSG’s portfolio includes two of the world’s most historic venues, Fenway Park and Anfield Stadium, a 50 percent stake in NASCAR’s Roush Fenway Racing (RFR), 80 percent of NESN, sports marketing and consulting firm Fenway Sports Management, and Fenway Sports Group Real Estate, that oversees the assets, acquisitions, and development of FSG properties.
RedBird Capital Partners is a private investment firm focused on building high-growth companies with flexible, long-term capital in partnership with its Entrepreneur & Family Office Network. Founded by former Goldman Sachs Partner Gerry Cardinale, RedBird today manages $5 billion of capital principally across its Sports, TMT, Financial Services and Consumer industry verticals.
The Shearman & Sterling team below was led by partners Creighton Condon and Roger Morscheiser and associates Brian Lee, Jeffrey Ma and Andrew Calamari (all New York-M&A). The team was also supported by associate Maeve Wilson (New York-Intellectual Property Transactions).