An LLC controlled by LeBron James secured nearly $300 million in financing from two life insurers before he joined the Los Angeles Lakers in 2018, according to insurance records reviewed by Bloomberg.
The bonds, issued through King James Funding, were backed by future revenue from James’ endorsement deals, including his lifetime Nike agreement, and are not due until 2049.
North American Company for Life and Health Insurance and Midland National Life Insurance Co. purchased the initial bonds at a 4.8 percent interest rate.
By the end of last year, the insurers reportedly held about $245 million in bonds tied to James’ company.
The same insurers provided roughly another $60 million in financing in 2022, around the time James signed a $97 million extension with the Lakers.
“Transactions were a securitization done by Mr. James with his personal, non-NBA salary, assets and income which is a very common financial structure for an individual with this level of earnings and assets,” James’ spokesperson said.
The arrangement has drawn additional attention because Guggenheim, led by Mark Walter, advised the insurers and previously invested in James’ SpringHill Co. Walter’s broader business operations are currently under federal scrutiny.
James left the Lakers this offseason to sign with the Philadelphia 76ers.
LeBron James Borrowed Nearly $300M From Insurers Tied To Guggenheim In 2018 https://t.co/jfog7WQjke
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