Los Angeles Lakers star LeBron James' SpringHill Company is selling a minority stake in the business to a group of investors for $725 million. The company announced the deal on Thursday morning, per Bloomberg.
The investors include Nike, Epic Games Inc., RedBird Capital Partners, and the owners of the Boston Red Sox. LeBron and business partner Maverick Carter will keep controlling interest in the company. James is the chairman of SpringHill, while Carter is the CEO.
SpringHill is behind a number of major media projects, including Space Jam: A New Legacy and HBO's The Shop: Uninterrupted. This sale will now help them expand the brand into other areas, such as gaming and fashion.
More from Bloomberg on this big deal for LeBron James:
The new investor group leverages a number of long-standing relationships. James has endorsed Nike products since 2003, and Carter worked at the shoe and apparel giant before going to work with his childhood friend full-time. The pair teamed up with Fenway Sports Group — owners of the Red Sox and Liverpool FC — in 2011 and ultimately became minority owners of both of those clubs through FSG. James also recently agreed to have his likeness integrated into Epic’s popular Fortnite game.
The investors will boost SpringHill’s credibility and access in their respective areas of expertise, Carter said. The association with Redbird, which has put money into various media and sports businesses, allows SpringHill to pursue potential deals across that portfolio.
SpringHill's revenues are reportedly on track to be over $100 million in the next year. James and Carter are clearly envisioning big things for the company, which is why they're doing this deal and expanding into other areas. LeBron James continues to build up his empire, and there's seemingly no stopping him.
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