Key Sentence:
- The private equity firm is expected to acquire a significant minority stake which is expected to value the company at between $650 million and $750 million.
LeBron James Billionaire is one step closer to cashing in on his entertainment business in a deal that would still make the NBA superstar the second basketball billionaire.
Those familiar with the matter say private equity firm RedBird Capital is in advanced talks about strategic investment in James’ SpringHill Co.
A capital injection would be a massive win for James, who continues to develop his interest off-court. The 36-year-old Los Angeles Lakers superstar was named the world’s fifth highest-paid athlete on Forbes’ list of the year, with sales of $96.5 million in 12 months. Connor McGregor and Roger Federer alone posted a total of $65 million off the court. Before the SpringHill deal, Forbes estimated James’ net worth at around $850 million. James is the largest single shareholder in SpringHill.
Recently estimated its stake – estimated to be no more than 50% – at around $300 million.
James and his childhood friend, Maverick Carter, co-founded SpringHill Co., the diversified media company behind the new Space Jam film. Which produces the HBO talk show The Shop. LeBron James Billionaire Marketing agency Robot Company, which operates through JPMorgan Chase, Beats by Dre and. Report Sprites as customers.
James is chasing Michael Jordan, the only billionaire to quit the sport despite achieving that status after his season.
Earlier this year, he built an extensive asset portfolio, acquired a minority stake in Wasserman. A sports marketing and talent agency, and invested $275 million in David Ellison’s Skydance Media, the studio behind Oscar-winning Parasite. In addition, he buys, sells, and reclaims shares in the YES network.
This isn’t the first time Cardinale and James have passed a potential SpringHill deal. A few months ago, RedBird bought a 10% stake in Fenway Sports Group, which owns several sports facilities. Including Liverpool FC and the Boston Red Sox. James purchased a 2% stake in Liverpool in 2011 and traded his stake to take a reported 1% investment in FSG earlier this year.