Photo by Billie Weiss/Boston Red Sox/Getty Images
One-time Red Sox general manager Theo Epstein is returning to the organization, taking ownership of Fenway Sports Group and participating in a senior advisory role, FSG announced Friday morning.
“What I’m really, really excited about is the honor,” Epstein said in a video call. “It’s exciting to join such a dynamic and ground-breaking company doing so many new things at the cutting edge of what’s happening in sports right now. For me, it’s perfect, I’ve been looking for a way to own it.
At Fenway, in addition to the Red Sox, Epstein will work on sports activities across his business holdings, including Liverpool FC, Pittsburgh Penguins, RFK Racing, TGL Boston Common Golf and, most recently, his stake in the PGA Tour.
Epstein will assume his role as special counsel to the M.L.B. He will leave with a transfer to FSG, but will continue to serve on the league’s competition and on-field committees on an informal basis. The special counsel role is part-time, allowing Epstein to remain an operating partner for Arctos Partners, the sports-focused private equity group that invested in FSG.
“The vision for blue-chip brands — blue-chip franchises, clubs and sports — is a big deal for their fans and supporters,” said FSG Partner and Red Sox President/CEO Sam Kennedy. On a video call. “It’s a very special privilege to have Theo as a mentor in that endeavor. Everything he’s done is win everywhere he goes.”
In New England, Epstein is best known for rebuilding the 2004 Red Sox as general manager, a beloved team that broke an 86-year championship drought and did so with a stunning victory over the rival Yankees. In the year In 2011, the executive left to lead baseball operations at the Chicago Cubs, ending that franchise’s 108-year title-less streak in 2011. In 2016. More recently, he worked with MLB Commissioner Rob Manfred to develop rule changes that sped up games last season. Arctos also helps identify potential investments.
On the baseball side, Epstein said he would act as a sounding board and executive if needed for the Red Sox baseball operations people. Notably, he hired Red Sox Chief Baseball Officer Craig Brelow while he was with the Cubs. “I have complete confidence in him and what he and his team mean to the Red Sox,” Epstein said of Breslow, who joined the Red Sox in October. “With other sports, while I have a lot to learn, I hope that my experience not only with teams, but with Major League Baseball and private equity will at least be a helpful resource for the people at FSG.”
According to Kennedy, the ownership group at Fenway has been looking to bring Epstein back to the organization for some time. “The meet comes at a special time for us as we look to double up with wins in Boston, Liverpool, Pittsburgh and now on the PGA Tour,” Kennedy said. “Helping us think about people issues, investment issues, league issues, new opportunities — it’s really an investment in the Fenway Sports team. Theo is believed here.”