Business of Sport NBA’s LeBron James joins PIF-backed electric raceboat series By Neil Halligan January 24, 2025, 5:50 PM Alamy via Reuters The UIM E1 World Championship, backed by Saudi Arabia’s Public Investment Fund, welcomes NBA superstar LeBron James as new owner of Team AlUla UIM E1 World Championship James becomes team owner Jeddah hosting opening race Lebron James, the NBA basketball star, has signed up as team owner in the UIM E1 World Championship, the all-electric raceboat series. James was named as owner of Team AlUla, named after the ancient oasis city in Saudi Arabia, ahead of the start of the 2025 season on Saturday in Jeddah. The championship, now in its second season, is backed by Saudi Arabia’s Public Investment Fund, which has invested in the company behind the series. The event features teams competing in high-speed electric boats called RaceBirds, capable of reaching speeds over 50 knots (92km/h). In addition to Jeddah, races will be held at Doha, Lake Como, Monaco and Miami, with three more to be announced. James joins a roster of famous owners in the championship that includes NFL Hall of Famer Tom Brady, tennis legend Rafael Nadal, former Chelsea forward Didier Drogba and star Indian cricketer Virat Kohli. PIF close to $1bn stake deal in sports network Dazn PIF close to $1.5bn stake in PGA commercial arm PIF could buy into English cricket’s The Hundred “As a lifelong fan of sports and competition, the opportunity to own an E1 team that represents such a high level of innovation in sports is incredibly exciting,” James said. The 40-year-old has an extensive investment portfolio across sport and entertainment which includes stakes in Fenway Sports Group, Beats by Dre, PGA Tour Enterprises and Liverpool FC. PIF announced its investment in the E1 series in 2021. Bloomberg reported last year that it owns a 50 percent stake in the series. A report in December revealed that Saudi Arabia has more than 900 sponsorship deals in sports, which are part of the kingdom’s strategy to diversify away from oil.