The Cannondale Bicycle Corporation announced this week that it had sold an undisclosed ownership stake of the corporation to King James, Inc., the wholly owned company of Cleveland Cavaliers star LeBron James.
"Cannondale is one of the premier cycling companies in the industry," said James. "Biking is an extremely important part of my training routine, and I like to invest in what I know." Maverick Carter, CEO of LRMR Innovative Marketing & Branding (where James is both a client and part owner) added, "LRMR is constantly seeking interesting investment opportunities for LeBron, who is a smart and sophisticated businessman. Cannondale is the perfect fit for LeBron and LRMR as we continue to invest in companies that are leading, cutting-edge brands."
According to Cannondale CEO Matt Mannelly, "We're very excited to have LeBron as an owner. In addition, LeBron is one of the world's most accomplished athletes and we are proud to provide him with bicycles for his cross-training. LeBron is an astute entrepreneur and investor who recognizes the quality of our products and value of our business, and he will certainly extend the awareness of the benefits of cycling to more people."
It'll be interesting to see how and if James will be involved in marketing and promotion and if this will translate into more bike sales for Cannondale.
2 comments:
Wonder if that will expand the audience for cycling.
This is also interesting (though less so).
They also said that James is 6'8" tall and 260 pounds. Is he really 260?!
Post a Comment