LeBron James’ portfolio now includes a new sports team.

Forbes notes the Los Angeles Lakers star is taking his dollars to the seas as an investor in the UIM E1 Series, an all-electric and sustainable raceboat competition that kicked off in 2024. Its launch is supported through Motorsports E360, a partnership between the Public Investment Fund (PIF) and Formula E, Extreme E, and E1.

James is now the owner of the platform’s latest arrival, Team AlUla Championed by LeBron James, with Rusty Wyatt and Catie Munnings signing on to pilot the powerboat.

What’s more, James joins other E1 Series team owners such as Will Smith (Westbrook Racing) and Tom Brady (Team Brady), which was victorious in the 2024 E1 Series championship.

“For me, I’m a huge fan of sports and I’ve always loved competing,” James told Forbes. “There’s nothing like seeing athletes compete at the highest level of their sport. Now with E1, we’re seeing a whole new type of competition on the water where everything is elevated. The skill of the pilots, the technology of the RaceBirds, the sustainability piece of it — it’s pushing the boundaries of what’s possible in water racing and innovating the sport in incredible ways. I’m excited to have our own team this season, and we’re ready to compete on a global scale.”

Alejandro Agag, chairman and co-founder of E1, commented:

“We are thrilled to welcome LeBron James and Team AlUla to the UIM E1 World Championship. With LeBron’s championship pedigree and history of excellence in globally celebrated sports, his entry into E1 sets the stage for an incredibly competitive and high-energy season on the water. Having a roster of team owners that includes some of the biggest names in sports and entertainment elevates the championship to an unparalleled level of prestige. This is not just about racing; it’s about a gathering of icons redefining what’s possible in water sports. With new teams, innovative technology, and iconic race destinations, the 2025 season represents an exciting evolution of E1.”
Five E1 Series races are scheduled so far in 2025 with locations including Jeddah, Saudi Arabia; Doha, Qatar; Monaco; Lake Como, Italy; and Miami, FL.