Basketball star LeBron James was named Sports Illustrated's Sportsman of the Year, and celebrity friends Jay-Z and Beyonce came out to support him at a gala in New York on Wednesday.

The last time an NBA player won the coveted award was in 2006,  and it was Lebron James' Miami Heat teammate, Dwyane Wade.

'To see that I and my team and everyone around me was able to patch that roof up, to come to this point, to come to this point and receive such a prestigious award, it's huge,” James said in a statement, after it was announced he would be receiving the Sportsman of the Year accolade.

While Beyonce often is the epitome of fashion, her outfit at the gala was not as flattering as the designs she has recently been posting of herself on her Tumblr site. James’ fiancé, Savannah Brimson, wore a lovely form-fitting purple Emilio Pucci dress, and Beyonce wore a rather unflattering red pantsuit that hid her body shape. Jay-Z and James looked fashion forward as both wore a tailored suit and tie.

Beyonce and Jay-Z’s 11-month old daughter, Blue Ivy, stayed home, as did James' and Brinsons' children.

Meanwhile, on Tuesday, music producer and recording artist the Dream announced that Beyonce will have new music prior to her performance at the Super Bowl in February.

Now, according to Perez Hilton, it has been revealed that Beyonce will also be collaborating with top artist Justin Timberlake in addition to her husband Jay-Z, and likely many others as well.

A source told the celebrity gossip site that when Beyonce was in a recording studio in New York with her husband, Timberlake was there as well.

This will not be the first time Timberlake and Beyonce collaborate together. In 2007, the pop stars always worked together on the single, "Until the End of Time" which was featured on his second studio album "FutureSex/LoveSounds."

This new music will be the first since the birth of her baby girl, Blue Ivy, and her last studio album, "4," which was released last year.

"She's got her stuff going. She took the summer to start recording, and now she's in a place where she's ready to start gearing up to reveal her plan. She's already gearing up to get ready to put stuff out,” the Dream said in a statement.