The New York Times has sold off a considerable share of Fenway Sports Group, the venture company that owns the Boston Red Sox, for $117 million to three separate undisclosed buyers, according to the Boston Globe.
According to the report, the Times Co. sold off 390 units, according to a filing with securities regulators, and has reduced its stake to 7.3 percent of Fenway Sports Group.
The Times purchased a 17 percent stake in the then New England Sports Ventures for $75 million in 2002. According to filings, the Times Co. will get a pre-tax gain of approximately $64 million in the deal.
The Times officially put the 17 percent stake in the club for sale in Dec. of 2009.
Fenway Sports Group includes English Premier League club Liverpool FC; approx. 80 percent of regional sports network NESN; and 50 percent of Roush Fenway Racing.
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, and is a contributor to Forbes SportsMoney blog.. He 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 (select his name in the dropdown provided).
Follow Maury Brown on Twitter
Follow The Biz of Baseball on Twitter
Follow the Business of Sports Network on Facebook