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Illustration: Eniola Odetunde/Axios

Major League Baseball clubs try not to tip their financials, thus giving them better leverage when negotiating new players contracts or new stadium deals. But that might be about to change.

Driving the news: Fenway Sports Group, whose assets include The Boston Red Sox and Liverpool F.C., is in advanced talks to sell a minority stake to Redball Acquisition, a blank check company formed earlier this year by Moneyball maven Billy Beane and private equity investor Gerry Cardinale.

  • That minority stake would become publicly-traded on the New York Stock Exchange.

Details: Redball would acquire between 20% and 25% of FSG via the transaction, which would need to be approved by Major League Baseball, Axios has learned from multiple sources.

  • It would contribute the $575 million it raised via IPO earlier this year.
  • It also is seeking to raise between $800 million and $950 million for a PIPE, inclusive of at least a couple hundred million dollars from Cardinale's RedBird Capital Partners. That process kicked off last week.
  • The Wall Street Journal, which first reported on the deal, pegged the FSG enterprise value at around $8 billion.

ROI: Hedge fund billionaire John Henry led a $700 million purchase of the Red Sox in 2001. Nearly a decade later, he paid £300 million for Liverpool Football Club, putting it under an umbrella that also includes a NASCAR team and regional sports network.

  • The Red Sox have won four World Series titles during Henry's ownership, but just completed their most wretched year in decades.
  • Liverpool recently won its first-ever English Premier League crown.
  • In 20o2, Henry tried hiring Billy Beane to be Red Sox general manager, but was rebuffed.

But, but, but: Other SPACs spent the weekend kicking FSG's tires, even floating the idea of spinning out Liverpool, although none of them have the pro sports bonafides of Beane and Cardinale (who structured the Yankees Entertainment & Sports deal while a Goldman Sachs banker).

The bottom line: If this deal goes through, expect it to open the stargate between SPACs and Major League Baseball teams, creating all sorts of new financial transparency.

(Correction: An earlier version of this story had the wrong year for when the Red Sox tried to recruit Billy Beane)

Go deeper

Dec 15, 2020 - Economy & Business

Sports podcast company Blue Wire raises $5 million Series A

Photo of Blue Wire CEO Kevin Jones, Photo credit: Olivia May

Blue Wire, a sports podcast company, has raised $5 million in its series A round, founder Kevin Jones tell Axios.

Why it matters: The company, which focuses on long-form sports narrative podcasts and conversational podcasts, now hosts more than 140 podcasts with over 20 million downloads for the year. It has $1.5 million in 2020 revenue via sponsorship partnerships via brands like Chevy and Visa.

Sep 4, 2019 - Sports

The NFL's slow embrace of sports betting

Photo: Ethan Miller/Getty Images

The NFL is embracing sports betting this season in ways that it never would before the Supreme Court legalized the activity across the nation in 2018.

Why it matters: Last September, the NFL called for Congress to step in and regulate legalized sports betting. This September, the NFL is opening its season with a full-fledged casino partner (Caesars) and an official data distributor (Sportradar) for the first time ever.

Scoop: U.S. begins denying Afghan immigrants

Afghan refugees on a bus bound for temporary housing after arriving in Greece. Photo: Byron Smith/Getty Images

The Biden administration has begun issuing denials to Afghans seeking to emigrate to the United States through the humanitarian parole process, after a system that typically processes 2,000 applications annually has been flooded with more than 30,000.

Why it matters: Afghans face steeper odds and longer processes for escaping to the U.S., despite the earlier sweeping efforts by the Biden administration to assist its allies. Immigration lawyers and advocacy groups say the government has set untenable barriers to a safe haven in the U.S.