The New York Times, in a bid to sell its 17.5 percent stake in New England Sports Ventures (NESV), has been courting advertising executive Jack Conners, according to a report in the Financial Times. NESV owns the Boston Red Sox, Fenway Park, 80 percent of New England Sports Network (NESN), Fenway Sports Group (FSG), and 50 percent of Roush Fenway Racing.
The sale of the NYT’s stake has also raised interest by Peter Nicholas, chairman and co-founder of medical devices maker Boston Scientific, according to the FT.
Conners may also be interested in purchasing the Boston Globe, which is also owned by the Times.
The Times has a $400 million credit line due in May. It is believed that the 17.5 percent stake in the NESV could garner as much as $200-$225 million.
The Times Co. is controlled by the Ochs-Sulzberger family.
(Tip of the hat to Pete Toms)
Maury Brown is the Founder and President of the Business of Sports Network, which includes The Biz of Baseball, The Biz of Football, The Biz of Basketball and The Biz of Hockey. He is contributor to Baseball Prospectus, and is available as a freelance writer. Brown's full bio is here. He looks forward to your comments via email and can be contacted through the Business of Sports Network.
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