John Henry continues to further bury Red Sox with Fenway Sports Group's PGA Tour deal

Look for the words “PGA Tour Enterprises” or “Strategic Sports Group” on the Red Sox’s website, and you’ll come up empty.

Even a quick search for “Fenway Sports Group” reveals a Nov. 29, 2021 article with the headline “FSG acquires controlling interest in Penguins” when they decided to add a National Hockey League team to their portfolio.

But this time around, there isn’t a peep from the team site following the John Henry and Tom Werner-led initiative to invest up to $3 billion into the PGA Tour under the "Strategic Sports Group” moniker. And if you go to FenwaySportsGroup.com and click on the “PRESS” tab, there’s nary a mention of the new deal either.

It’s almost as if they’re hiding something. Or, more accurately, it’s almost like they don’t even care. Actually, go ahead and scratch “it's almost like”…

The same Red Sox owner who couldn’t make time for Red Sox fans at their annual Winter Weekend was front and center — along with much-beloved Red Sox team president and CEO Sam Kennedy — at the photoshoot announcing the landmark deal. 

$3 billion for a golf league? Sounds like a steal. But over $200 million for a baseball team? That’s crazy…

With their purchase of a significant interest in the PGA Tour, FSG now has a hand in nine different ventures — the PGA Tour, Liverpool, the Penguins, Boston Common Golf, RFK Racing, Fenway Sports Group Real Estate, Fenway Sports Management… oh, right, and NESN and those Red Sox. 

No wonder Henry didn’t have time for any of you pesky Red Sox fans last month in Springfield… 

Henry’s net worth is now estimated to be $5.1 billion per a Forbes article on the PGA Tour deal, which also labels him “the world’s 561th [sic] richest person." That’s represents a significant jump from his Forbes valuation of $4 billion in 2023. 

And in 2018, the last year the Red Sox fielded a team that was a true World Series contender, Henry’s net worth was listed at $2.5 billion. Yet somehow, someway, Henry found enough loose change in the couch to pay a major league-leading $240 million for his baseball team that year.

As we stand today, the Red Sox have an active total payroll of $159,233,154 (per Spotrac) entering the 2024 season. 

So, to recap, spending $240 million with a net worth of $2.5 billion was OK six years ago. But spending well under $200 million with a net worth Henry has since doubled in that timeframe is too expensive. 

Huh? 

I’ve heard the rumors — and even discussed with colleagues in recent years — that Fenway Sports Group might have been dealing with financial problems. I think we can safely put those rumblings to rest… 

Now, I’m no Warren Buffett. I’m not going to pretend to know the ins and outs of running a multi-billion dollar business. And I know personal net worth does not translate equally to the valuations of one’s businesses. 

But I do have some common sense (at least, I like to think I do…). I’ve heard some suggest that each of these teams and ventures has its own budget and revenue streams — which is true to an extent. But I also know that there’s only a finite amount of money to go around for even the wealthiest individuals and corporations.

At some point, a business like Fenway Sports Group has to sit down and decide how to allocate and budget its money. Part of that budgeting process is deciding what your future goals are for growth, including acquisitions. 

FSG has clearly been busy with it acquisitions of late, so it’s fair to say they’ve had their sights set on growth for a little while now. These things don’t just happen overnight. That being the case, businesses have to get their ducks in a row before making major investments. 

Last season’s Sox payroll was $186.6 million. The year before that, it was about $215 million. In 2021, $188.5 million. Interesting the numbers were down that year, isn't it? What exactly happened in 2021 again? Oh, that’s right… Henry bought the Penguins for a reported $900 million. 

It’s hard not to connect the dots when the Sox payroll has again dipped significantly below $200 million in a year that ownership has made yet another major outside investment...

But no, Red Sox fans. If you think for one second that your owners aren’t passionate, committed, dedicated to the Boston Red Sox, you’re wrong, you’re a liar, and they’ll correct you on it, because it’s total BS. 

No, Sam, John and Tom. It’s you who are the “liars” and “total BS" artists.

And if I’m wrong and I’m misleading the public, hey… the floor is yours to challenge some of the things I’m saying. Our door at BSJ Headquarters is always open if any one of you wanted to, say, barge into our studios between the hours of 2 to 6 p.m. and set us straight.

We won’t be holding our collective breath…