PawSox Owners Combined Would Rank as 10th Richest Owner in Sports

Thursday, June 29, 2017

GoLocalProv Business Team

PawSox Owners

Patriots owner Bob Kraft is not close. Neither is Jerry Jones, owner of the Dallas Cowboys.

Dan Gilbert, owner of the Cleveland Cavaliers and founder of Quicken Loans, is a billionaire, too, and ranked as the 15th richest man in professional sports in the world, but he is not close to the collective net worth of the PawSox ownership group either.

Admittedly, individually, none of the PawSox owners are likely to make Forbes's top ten list of richest owners, but the combined net worth of the group -- which is asking the city of Pawtucket and the State of Rhode Island for a combined $38 million in public financing -- would rank in the top ten. Moreover, the $38 million in public financing is more than the group paid for the team in 2015.

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The group of owners of the PawSox are worth an estimated $8 to $10 billion and depending how you book the value of Fenway Sports Management (a division of the Boston RedSox’ parent company, Fenway Sports Group) which has an ownership position in the PawSox, the net worth may be even higher. Note: John Henry’s net worth is reported at $2.5 billion, according to Forbes.

Also, there are two limited partners in FSG, Arthur E. Nicholas and Frank M. Resnek, that have interest in the PawSox.

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Bob Kraft

“Sports have been the road to riches for many people, but the richest of the rich were billionaires long before they ever entered the sporting world. There are 62 billionaires who are majority owner or managing partner of a team in a major sports league,” according to Forbes.

In January, one of America’s top economists told GoLocal that public financing for the proposed new stadium for the PawSox would be a mistake.

“As an economist, I would personally advocate for no public money beyond a provision to infrastructure around the stadium so fans can get to the games,” said Victor Matheson, who is a Professor of Economics at Holy Cross, whose focus is on sports. “That being said, there are certainty sports fans who think that having a AAA team in town is a nice amenity for local residents so might be worth some public money. So, some level of ask might be able to get public support.”

Moreover, a review of publicly financed stadiums in the International League found little increase in attendance after building news stadiums

The PawSox ownership includes:

- Bernard Cammarata, the founder and 40 year veteran of TJX. According to a 2013 Boston Business Journal story, just Cammarata’s holding in TJX stock exceeded $137 million.

- William P. Egan, Alta Communications/Marion Equity Partners. Alta was once one of the hottest media venture capital groups; Egan owns (through a family trust) a summer house on Ocean Avenue in Newport that is assessed at over $4 million.

- Habib Gorgi, Nautic Partners. Gorgi manages the firm that now has a reported $3.3 billion under management. He is the only full-time Rhode Island resident.

- J. Terrence Murray, built Fleet Bank into one of America’s and sold it to Bank of America — at maybe just the right time. He grew up in Woonsocket, but today is reported to be one of two from Rhode Island who belong to America’s most exclusive club - Augusta Country Club.

- Thomas Ryan, forget the $30 million in stock and salary he posted some years at CVS. Just Ryan’s exit package in 2011 was $185 million according to Forbes - one of the top 10 exit packages paid in business in the past decade in the U.S.

- Paul Salem, the newest member to the team — he is co-founder and Senior Managing Director of Providence Equity Partners. Salem is second in the food chain to his co-founder and CEO Jonathan Nelson. According to Forbes, Nelson is the richest man in Rhode Island. As of June 2017, Forbes ranks Nelson’s wealth at just under $2 billion. The firm has $50 billion under management. Note: As GoLocal first reported, Salem is involved in the PawSox stadium deal, but neither the Governor's office nor the PawSox will disclose his exact economic interest in the deal.

- James Skeffington, Jr. — took control of his father’s interest after his unexpected death in 2015.

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Larry Lucchino

- Larry Lucchino, former President of the Boston Red Sox. Player top level roles with the Washington Redskins, Baltimore Orioles, and San Diego Padres. His specialty is big sports deals and shepherding the development of new stadiums. Had big wins in both Baltimore and San Diego.