James, along with longtime business partner Maverick Carter, became partners in Fenway Sports Group, which owns the Red Sox MLB team, along with Liverpool FC of the English Premier League, NASCAR team Roush Fenway Racing, regional sports media network NESN, Fenway Sports Management and FSG Real Estate.
James owned a small share of Liverpool FC prior to this deal with Fenway Sports Group, according to USA Today.
Major League Baseball will need to approve the Red Sox portion of the deal.
James is currently playing with the Los Angeles Lakers.
James and Maverick are the first Black partners in Fenway Sports Group, according to the Boston Globe.