Lebron James’ SpringHill Company announced that it sold significant minority stakes to a group of investors including Nike, RedBird Capital Partners, Epic Games and Fenway Sports Group. James, who serves as the chairman of SpringHill, and Maverick Carter, his business partner and CEO of the company will retain a controlling interest following the mega-deal.
SpringHill, a media and entertainment company, was founded by the 36-year-old Lakers player and his longtime business partner Maverick Carter. The company produces films, podcasts and other media content to tell the stories of other athletes beyond the playing court. Naomi Osaka and Muhammad Ali have been featured by them.
With the agreement on this deal, the company along with the business created last year including the other three existing ventures founded by James and Carter are valued at $725 million. The share sale is expected to fuel SpringHill’s ambitions to expand into other verticals like fashion and gaming.
“We started this company with the tagline ‘More Than an Athlete,’ which still defines everything we do to this very day,” Carter said in a statement.
The Los Angeles Lakers superstar is one of the highest-paid athletes around the world, having being featured in the Forbes annual ranking ever since 2004. James, who has been known to make moves in the business venture could be well on his way to become the only second billionaire to emerge from pro basketball, the first player to do so was Michael Jordan.
The company’s focus will remain on media and consumer products while working closely with athletes across the globe who want to build their brand and business beyond sports. “I’ve always loved that moment of cracking of shell of an athlete having that experience and what they care about, what they’re passionate about outside of sport comes spilling out, and it almost always does,” Carter said.