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La-La’s

New King

WITH HIS MOVE TO THE LAKERS, LEBRON JAMES TAKES
A BIG STEP TOWARD HIS GOAL OF BEING A BILLIONAIRE.

BY KURT BADENHAUSEN

eBron James talked about his ambition to be a billion-
aire four years ago in a cover story for GQ magazine.
“It’s my biggest milestone. Obviously. I want to maxi-
mize my business,” said James. “And if I happen to get
Lit, if I happen to be a billion-dollar athlete, ho. Hip hip
hooray! Oh, my God, I’m gonna be excited.”
King James took another step toward the three-comma club with his
July 1 announcement via his agency’s Instagram page that he had agreed
to a four-year, $154 million contract with the Los Angeles Lakers.
James could have signed a bigger deal in Cleveland: he Cavaliers held
James’ “Bird” rights, allowing for a ve-year deal worth around $205 mil-
lion. But the move to Los Angeles opens up new business opportunities
for James and could propel him to even bigger global superstar status if he
can return the purple-and-gold to NBA title contention (the last ve sea-
sons ranked among the ten worst in the Lakers’ history). he Lakers were the odds-on favorite to land the
James had probably maxed his value and earnings potential of the four-time MVP thanks to potentially $62 million in
court as a Cavalier, returning from Miami to deliver the city’s rst title in salary-cap room and an up-and-coming roster that
any major sports league in 52 years. he Lakers are the NBA’s most sto- ranked as the NBA’s second youngest last season.
ried franchise, with 16 titles and a staggering assortment of stars for whom James owns a pair of homes in L.A., which added
only one name is needed: Wilt, Kareem, Magic, Shaq and Kobe. Add fuel to the speculation.
LeBron’s name to the list. he Lakers are also a global franchise, based James has always preferred to compare his on-
in the heart of the second-biggest city in the U.S., so James and his long- court game to Magic Johnson, the facilitator, instead
time manager, Maverick Carter, will have business opportunities in almost of Michael Jordan, the scorer. Now James will learn
every space. at the feet of one of the NBA’s all-time great success
Forbes’ last deep dive into James’ net worth was two years ago as part stories in player turned businessman Magic John-
of our look at the 40 Richest Entrepreneurs Under 40. Our estimate was son, the Lakers’ president of basketball operations,
$275 million, but James has banked another $170 million, including en- who has enjoyed three decades of business triumphs
dorsements, since then, and the stock market continues to move high- touching real estate, retail, sports and more.
er. James has made $765 million, including of-court earnings, since he James’ earning power was destined to remain un-
turned pro in 2003. Of course, taxes and expenses eat up a major chunk matched in the NBA, whether he stayed in Cleveland
of those proceeds. or moved to Los Angeles. He is still at the top of the
James has business interests in Los Angeles through his production game at 33 years old, and his endorsements are the
company, SpringHill Entertainment, which has broadcast TV shows like best in the NBA at more than $50 million annually
he Wall and Survivor’s Remorse and is working on a remake of the 1990 through deals with Nike, Coca-Cola, Beats, Kia, Intel
lm House Party. James’ media company, Uninterrupted, got a $15.8 million and Blaze Pizza. He is also an investor and franchisee
investment from Time Warner in 2015. in Blaze. Stephen Curry is the only hoops star with- NATHANIEL S. BUTLER/NBAE VIA GETTY IMAGES
Free-agency decisions by the three-time NBA champion held the league in $20 million of James of the court, and James’ total
hostage during 2010 and 2014. James didn’t spare any time making his new earnings are likely to approach $400 million during
team known this go-round, announcing the move on the rst day of free his four years in L.A.
agency. It is good to be the king. F

102 | FORBES ASIA JULY / AUGUST 2018