Want to own a share of the Red Sox? Well, according to The Wall Street Journal’s Cara Lombardo and Miriam Gottfried, that could become a realistic possibility relatively soon.
Per Lombardo and Gottfried, Red Sox principal owner John Henry is in preliminary talks with blank-check firm RedBall Acquisition Corp. to take Fenway Sports Group public.
The plan would be for RedBall to raise $1 billion in funds that would coincide with the $575-plus million the firm raised over the summer. With those funds, RedBall in turn would be able to purchase a stake in FSG which would be worth no more than 25% of the company.
Because talks between the two sides are still ongoing, it is worth mentioning that this deal could fall apart. If talks do not fall through, though, the Red Sox could become one of the few publicly traded American sports franchises. The NFL’s Green Bay Packers are a prime example of one.
Henry, who turned 71 last month, originally purchased the Red Sox for $660 million in February 2002. Since that time, Henry has seen his club end an 86-year championship drought and win four World Series titles.
According to Forbes, the Red Sox are currently worth $3.3 billion, while Fenway Sports Group, which includes the Sox, Liverpool Football Club, Fenway Park, and New England Sports Network, is worth a total of $6.6 billion.
FSG going public with RedBall would reportedly raise its value to approximately $8 billion including debt. For more details on this, I would recommend checking out the above tweet.