New York Times Co. sells part of Red Sox stake

By Beth Healy, Globe Staff

The Red Sox have been struggling lately, but the team is paying off for The New York Times Co., which today sold a portion of its Sox holdings for a sizeable profit.

The Times Co. reported that it sold more than half its holdings in the Fenway Sports Group, which includes the Sox, for $117 million, recouping more than what the media company spent on its entire original investment.

The company did not disclose the three separate buyers to whom it sold shares. The Sox declined comment.

The Times Co. sold off 390 of its 700 units, according to a filing with securities regulators, and has reduced its stake to 7.3 percent of Fenway Sports Group. It sold the units for $300,000 each, triple what it paid for them in 2002.

The company, which also owns The Boston Globe, has been trying to selling off its Sox stake since December 2008.

The Times Co. paid $75 million for a 17 percent stake, or 750 units, in the Red Sox in 2002, the year John Henry acquired the team. Since then, the team has won two World Series titles and the value of the Red Sox and related properties has risen.

In addition to the Sox and Fenway Park, Fenway Sports owns the Liverpool Football Club, the English soccer team; about 80 percent of the regional cable channel New England Sports Network; and 50 percent of Roush Fenway Racing, a NASCAR team.

Last year, the Times Co. sold 50 units of Fenway Sports to Henry F. McCance, a retired venture capitalist from Greylock Partners, for a $9 million pre-tax gain. Those units went for about $280,000 each.

In today’s deal, the Times Co. said it expects to recognize a pre-tax gain of approximately $64 million, which it will report in the third quarter.

Times Co. shares were down a cent to $8.71.