Report: John Henry Selling Minority Stake Of Fenway Sports Group
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BOSTON (CBS) — One month and one day after reporting that John Henry was looking for interested buyers for the Boston Red Sox, Fox Business is once again reporting that Henry is looking to make a sale.
This time, Charlie Gasparino and Matt Egan report, “Henry is seeking a minority owner for the Fenway Sports Group, the holding company that owns the Red Sox.”
“The current thinking, executives say, is that Henry is entertaining the idea of selling a minority stake, or what’s known as a ‘limited partnership,’ in the holding company that he controls,” Gasparino and Egan reported.
Henry adamantly denied last month’s report, saying the only discussion about changing of ownership involved contingency plans in the event of illness or death.
“Henry is a Wall Street guy and he can read a balance sheet,” a rival executive told FOX. “He’s getting killed in Liverpool and the Red Sox basically break even or make a few bucks. NESN does very well, but having a partner will make him feel better from a financial standpoint.”
Henry’s ownership group purchased the Red Sox for $660 million back in 2002, but the franchise is now estimated to be valued at or above $1 billion.