LeBron James moves from basketball to bikes after raising £25m for German brand Canyon
LeBron James: One of the greatest basketball players in history
LeBron James is moving from basketball to bikes after raising £25m for German brand Canyon.
The American athlete, one of the greatest players in history, acquired a 4 percent stake with friend Maverick Carter as their investment vehicle LRMR Ventures led the funding round.
It valued Canyon at £623m and LRMR’s stake at £25.2m.
Canyon was created by Roman Arnold in 2002 in Germany. It sells road, mountain, triathlon and city bikes priced from £11,349 and had sales of £398m last year with a profit of £52m.
Sales have grown by 21 percent a year since 2015 and have soared through the lockdown as people turned to the outdoor hobby.
Arnold, who owns a 40 percent stake, said James and Maverick’s passion for Canyon would make them “important members” of the team.
He said they “immediately understood” Canyon’s mission. It is owned by the Belgian investor Groupe Bruxelles Lambert.
LeBron James is moving from basketball to bikes with Canyon
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