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He has four NBA MVP and four Finals MVP trophies to go along with his four NBA titles, 18 all-star selections, and presumably now a Canyon bike sitting in his garage.
LeBron James has invested $30 million in the German bicycle company through LRMR Ventures, his firm that manages his investments, partnerships, and brand. American private equity firm SC Holdings is also involved in the investment which was announced today.
Canyon’s founder Roman Arnold says the brand wasn’t actively looking for investment. However, the cachet of having a name like LeBron James associated with its brand no doubt played a role in moving forward with the deal.
“While we were not actively looking for new investors, LRMR and the SC team immediately understood our mission to build the world’s most inspiring and innovative bike company,” said Arnold.
Canyon says it’s looking to increase engagement in the U.S. in the e-bike market through this deal, as well as raise global brand awareness.
Being associated with cycling is nothing new for the basketball superstar who currently plays for the Los Angeles Lakers. James has been known to commute to work by bike, especially when he played for the Miami Heat earlier in his career. And this isn’t his first investment in cycling either, having bought a stake in Cannondale back in 2007.
James has also long made cycling part of his community outreach work through the LeBron James Family Foundation and the I Promise School, providing free bikes to kids and organizing community cycling events. He has also teamed up with Lyft on the LyftUp bike share program that provides free memberships to young people.