LeBron James turning from basketball to bicycles, after £25m fundraising for German brand Canyon
LeBron James: One in every of the best basketball players ever
LeBron James is popping from basketball to bicycles, after a £25m fundraising for German brand Canyon.
The American athlete, considered one of the best players ever, picked up a 4 per cent stake alongside pal Maverick Carter as their investment vehicle LRMR Ventures led a funding round.
It valued Canyon at £623m, with LRMR’s stake price £25.2m.
Canyon was arrange by Roman Arnold in 2002 in Germany. It sells road, mountain, triathlon and concrete bikes for as much as £11,349, and had sales last yr of £398m, with £52m in profit.
Sales have grown by 21 per cent per yr since 2015, and soared through lockdowns as people turned to outdoor hobbies.
Arnold, who owns 40 per cent, said James and Maverick’s passion for Canyon will make them ‘instrumental members’ of the team.
He said they ‘immediately understood’ Canyon’s mission. It’s majority-owned by Belgian investor Groupe Bruxelles Lambert.