LeBron James is no stranger to restaurant deals. Especially when they involve this leadership team.
The sports icon Tuesday announced he’s joining Mike’s Red Tacos as an investor. Terms were not disclosed.
The fast casual, which claims more than 300 franchise locations in development nationwide, is chaired by Bill Phelps, who cofounded Wetzel’s Pretzels in 1994 and later became a founding investor in Blaze Pizza, which James, business partner Maverick Carter, and financial adviser Paul Wachter of Main Street Advisors, got behind for less than $1 million in 2012 when the brand had about 10 locations.
Phelps in 2019 then joined Dave’s Hot Chicken as investor and CEO (a position today held by Jim Bitticks). James and Main Street Advisors hold a stake in that rising brand, too, which ended 2025 with 358 restaurants and was sold last June to Roark Capital for $1 billion.
A release Monday explained James and Main Street Advisors felt comfortable with the Mike’s Red Tacos management team and “had conviction in the company’s vision and long-term growth strategy and were excited to invest and help bring Mike’s Red Tacos to more communities across the country.”
Mike’s Red Tacos in August appointed Andrew Feghali—the first Dave’s Hot Chicken franchisee—as CEO, with founder Mike Touma taking on the role of chief brand officer. Feghali became involved with Mike’s Red Tacos as an early investor and board member alongside Phelps and their firm Four Wall Partners.
The fast casual at the time also announced Stephen Jennings, formerly of Marie Callendar’s and Ruby’s Diner, as CFO, Vincent Montanelli as COO (he was president), and Patrick Cunningham as CDO. They brought over experience from Wetzel’s, Dunkin’, Baskin-Robbins, Little Caesars, and Bobby’s Burgers by Bobby Flay. Additionally, Nate Zelazoski, with stops at Five Guys and Smashburger, was tapped VP of real estate, and Blaze Pizza, Taco Bell, and Pizza Hut leader Lance Salsman joined as SVP of operations.
“I love tacos, and I especially love how they bring people together to create traditions and share great moments around the table with family and friends. In addition to having an incredible taco, Mike’s Red Tacos brings those same values to life in a fresh, new way for consumers,” James said in a statement. “With this leadership team, I see a group that is building something authentic with a long-term vision, and I wanted to be part of helping bring that experience to more communities.”
Mike’s Red Tacos started as a San Diego food truck in 2021. Touma grew it to two San Diego locations (the first brick-and-mortar debuted in August 2022) serving beef birria tacos, featuring slow-braised meat served with a rich consommé for dipping. The menu showcases burritos, loaded nachos and fries, and birria ramen as well.
Feghali and Phelps got involved in February as Mike’s Red Tacos kicked off a franchising push.
Phelps says he visited one store and observed wide appeal, just as he did with Dave’s. According to Datassential, birria now appears on about 4 percent of menus nationwide, more than quadrupling over a four-year span.
As he has throughout his career, though, Phelps didn’t view the opportunity as chasing a trend. He felt Mike’s Red Tacos could build a focused brand within a larger category. “There’s tons of competition, but we believe that birria tacos are a great niche within the Mexican food space in the same way that hot chicken is a great niche within the chicken space,” Phelps previously told QSR. “We think we can carve out that niche and hopefully be the leader in that niche.”
Feghali, also one of the country’s largest Little Caesars operators, created Four Wall Partners with Phelps to advise emerging restaurant brands with franchising potential. Mike’s Red Tacos fit the model and adopted a strategy aligned with the one Phelps developed at Wetzel’s and refined at Blaze and Dave’s—lean on multi-unit operators with experience and focus on store-level economics. Blaze in its early growth brought on only multi-unit QSR operators from other concepts who knew how to scale. That and developing a strong corporate foundation.
Mike’s Red Tacos in its franchising announcement said it signed agreements with operators tied to brands including Dave’s, Jersey Mike’s, Blaze, Dunkin’, Little Caesars, Carl’s Jr., and Wetzel’s—totaling more than 200 planned venues across markets such as California, Texas, the Midwest, and New England. The first wave of restaurants was expected to begin opening later in 2026. That pipeline number, by Tuesday’s announcement, had swelled beyond 300.
“We’re not interested in trend-chasing brands,” Feghali said in a statement. “We’re interested in founders building something enduring. Mike did that with a focused menu, chef-driven food, and a loyalty most brands never earn. Adding LeBron and an experienced restaurant leadership team gives Mike’s the megaphone it deserves, the resources to scale what’s already working, and the platform to become a category-defining brand.”
Mike’s Red Tacos is preparing to open its first Los Angeles-area restaurant in Pasadena in the coming weeks. The L.A.-area unit will open at 899 E Del Mar Blvd in Pasadena.
The company noted James’ enthusiasm for Taco Tuesday has been shared with millions of fans over the years. He famously tried to trademark the term in 2019.
