LeBron James buys minority stake in bike maker

James wants to be the first billionaire athlete.
CLEVELAND (AP) -- LeBron James has bought himself some new wheels -- with handlebars.
The NBA star has acquired minority ownership of Cannondale, a manufacturer of high-performance bicycles that gave President Bush a customized 5,000 mountain bike last year.
James has used Cannondale bikes in his summer "King for Kids Bike-a-thon" charity bike event in Akron the past few years and incorporated cycling into his offseason, cross-training workouts.
"Cannondale is one of the premier cycling companies in the industry," James said Monday in a statement. "Biking is an extremely important part of my training routine, and I like to invest in what I know."
James' ownership stake in Cannondale was not disclosed. It is the latest venture for the 22-year-old and his business partners, who are also three of his closest friends.
Last year, the group invested in a 4.7 million housing development in one of the city's roughest neighborhoods.
"LRMR is constantly seeking interesting investment opportunities for LeBron," said Maverick Carter, CEO of LRMR Innovative Marketing & amp; Branding. "Cannondale is the perfect fit for LeBron and LRMR as we continue to invest in companies that are leading, cutting-edge brands."
Cannondale, based in Bethel, Conn., designs, develops and produces its bicycles at its factory in Bedford, Pa. The company operates subsidiaries in Holland, Japan and Australia.
"We're very excited to have LeBron as an owner," CEO Matt Mannelly said.
Other ventures
James, who has stated his goal is to be the world's first billionaire athlete, has endorsement deals with Nike, Sprite, Bubblicious and others totaling more than 150 million. He also recently launched a Web site in a partnership with Microsoft.
James' deal with Cannondale came one day after multibillionaire Warren Buffett, the world's second-richest man, flew into Cleveland to watch James play. The two unlikely friends first met at lunch several months ago in Buffett's hometown of Omaha, Neb., when James sought out the chairman of Berkshire Hathaway to discuss basketball and business over cheeseburgers and milkshakes.
The 76-year-old Buffett is estimated to be worth 54 billion.