Business

New York Times Co. sells last of its stake in Red Sox

Had bought share of the team in ’02

The New York Times Co. said Friday it has sold its remaining share of Fenway Sports Group, which includes the Boston Red Sox, for $63 million.

The sale, to undisclosed buyers believed to be current minority owners of the team, ends the Times Co.’s ownership stake in the Red Sox.

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Over 10 years, the company tripled its investment, having originally purchased a 17.5 percent stake in the team for $75 million in 2002.

In recent years it has sold off portions of that share, for a total of $225 million.

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The Times Co., which owns The Boston Globe, invested in the Red Sox the year John Henry and his partners acquired the team.

Since then, the Sox have won two World Series titles.

The sale of the Times Co.’s last 210 units will result in a $38 million pretax gain in the second quarter.

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Fenway Sports Group includes 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 team.

The Red Sox had no comment on the sale.

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