NBA great LeBron James has a new business venture, which kicks off this weekend. Team AlUla Championed by LeBron James is a brand-new UIM E1 Series presented by PIF motorboat racing team.

James’ investment is part of a growing trend of athletes and celebrities to invest in the international all-electric raceboat championship. The team will debut during Saturday’s E1 Jeddah GP.

James now joins a major roster of athlete team owners in the E1 Series, including Tom Brady (Team Brady), Rafael Nadal (Team Rafa), Will Smith (Westbrook Racing), DJ Steve Aoki (Aoki Racing Team), Didier Drogba (Team Drogba), Marcelo Claure, Virat Kohli and Marc Anthony (Team Miami Powered by Magnus). Team Brady won the 2024 E1 Series championship.

“For me, I’m a huge fan of sports and I’ve always loved competing,” James said. “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.”

Rusty Wyatt and Catie Munnings will pilot the team’s powerboat.

E1, which debuted in 2024, is part of Motorsports E360 a multi-year partnership between the Public Investment Fund (PIF) and Formula E, Extreme E and E1. The partnership aims to promote the growth of electric motorsports and their role in advancing electric mobility.

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“We are thrilled to welcome LeBron James and Team AlUla to the UIM E1 World Championship,” Alejandro Agag, chairman and co-founder of E1, said. “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.”

This is James’ latest investment as the 40-year-old Los Angeles Lakers star plans out his future. He is an investor in Fenway Sports Group, the PGA Tour, production firm SpringHill, Blaze Pizza and more.

There are at least five E1 Series races scheduled for 2025. Events will take place in Jeddah, Doha, Monaco, Lake Como and Miami, with the potential of adding two more dates. Races will air on CBS Sports.