NY Times said to sell final piece of Red Sox

NY Times said to sell final piece of Red Sox

NY Times said to sell final piece of Red Sox
BOSTON -- The New York Times Co. ownership stake in the Red Sox is over.

Times Co. said it sold its remaining share of Fenway Sports Group, which includes the Red Sox, for $63 million, according to a report by the Boston Globe on Friday.

The sale was to undisclosed buyers, presumably the current minority owners of the team. The Times Co. held an ownership stake in the Red Sox for 10 years, tripling its investment. The company originally purchased a 17.5 percent stake in the club in 2002 for $75 million and has sold off portions of that share in recent years for a combined $225 million.

The sale of the Times Co.'s final 210 units will result in a $38 million pre-tax gain in the second quarter, according to the Globe report.

The Times Co. first invested in the team when John Henry and his partners acquired the Red Sox in 2002. The club has won a pair of World Series championships since that time.

Fenway Sports Group is comprised of the Boston Red Sox, the Liverpool Football Club, 80 percent of the cable television channel New England Sports Network and 50 percent of Roush Fenway Racing, a Nascar group.