BOSTON-The Boston Red Sox finally have a new owner–and a permanent home–as a group led by John Henry, the owner of the Florida Marlins, won the bidding war to purchase the local baseball team. The group bid $660 million, plus the assumption of debt bringing the bid up to nearly $700 million, which, according to a released statement from the team, breaks all Major League baseball records for the sale of a team.

Throughout the bidding process, which started last fall when team CEO John Harrington announced that the Jean R. Hawkey Trust would sell its 53% stake in the team, it was clear that it would be the new owners who would decide whether and where the Red Sox would build a new ballpark. While each of the seven bidders for the team had its own plans on where to locate the Sox, the John Henry group have made it clear that if they won they would renovate Fenway Park.

The Red Sox had previously rejected the idea of renovating Fenway Park and had lobbied the state to relocate the ballpark. Last year the state approved a $100-million infrastructure improvement package for the Fenway area. A number of local politicians, including city Mayor Thomas M. Menino had supported a $665 million plan to relocate Fenway Park right next to its old site but that plan has been facing difficulties as negotiations with local landowners have stalled.

Frank McCourt, who had been one of the bidders till he dropped out last week, had waged an aggressive campaign to build a new ballpark for the Sox on his swath of parking lots here in South Boston near the waterfront. Charlie Kenney, his spokesperson, tells that that plan has been abandoned. “The Henry group predicated their proposal on the renovation of Fenway,” he says. “I assume they’ll do that and we’ll go in another direction.”

In the end, the Red Sox partners sold 100% of the franchise to the Henry group, which in addition to Henry, includes Tom Werner, a TV producer, former US Senator George Mitchell, Larry Lucchino, Les Otten, Ben Cammarata, Ed Eskandarian, Arthur Nicholas, Marty Trust and the New York Times Company.

In a released statement from Harrington he says that the Henry group was selected because they have the resources to help the team and they are the highest qualified bidders. The decision still has to be approved by Major League Baseball.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.