Fenway Sports Group, the marketing and entertainment arm of the company that owns the MLB’s Boston Red Sox, acquired the Salem Avalanche, a Class A team that's part of the Carolina League.
The move comes less than a year after Fenway Sports Group invested in stock-car racing. They are one of a handful of Major League Baseball operations to own a minor league franchise.
The Red Sox have relationships with three Class A teams: the Lancaster JetHawks, of Lancaster, Calif.; the Greenville Drive, of Greenville, S.C.; and the Lowell Spinners.
No price was disclosed, but according to US media reports the values of minor league teams can vary from $5 million to $30 million.
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