Lebron James - LEAD
Credit: Ron Schwane/AP Photo

This year’s star-studded celebration will be held tonight at Barclays Center in N.Y.C. and will celebrate the athletes who defined the year in sports. That includes Lebron James, who helped bring the Cleveland Cavaliers their first NBA championship in the franchise’s history.

The famed baller will take home the 2016 SI Sportsperson of the Year award, which is given to an athlete, team, or coach, “who transcended the year in sports by achieving the highest level of athletic excellence while demonstrating the ideals of sportsmanship,” Sports Illustrated stated in a press release.

As for other honorees, Kareem Abdul-Jabbar, Jim Brown, and Bill Russell will take home The Muhammad Ali Legacy Award, which honors dedication to the ideals of sportsmanship and athletic careers that have impacted the world. Olympic swimmer Michael Phelps, who won five gold medals and a silver for the U.S. team in Rio this summer will also be honored at the event.

The ceremony will also celebrate the accomplishments of SportsKids of the Year Tai, Rainn, and Brooke Sheppard, who have continued to overcome adversity and who all competed in the AAU Junior Olympic Games. The trio will make their debut on the red carpet in style, outfitted in Ralph Lauren.

The event, which will include live musical performances, will be live-streamed on at 7:30 p.m. EST, while the red carpet festivities will be broadcast on Sports Illustrated's Facebook page starting at 6:45 p.m. EST.