According to a Bloomberg report on Tuesday, LeBron James had been in business with former LA Lakers owner Mark Walter before he even joined the franchise in 2018. The story said that before James signed with the Lakers, a liability company that he owns borrowed $300 million. The company reportedly borrowed from a pair of Midwestern life insurers advised by an arm of Guggenheim Partners. At the time, Walter was Guggenheim’s CEO.
James signed a four-year, $154 million deal with the Lakers, which was his first contract with the team.
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That wasn’t the only transaction between James’ LLC and the same Midwestern insurers. When he signed a $97 million contract extension with the Lakers in 2022, they reportedly provided James’ LLC with more cash. According to the report, they purchased 34-year bonds with an interest rate of 5.75% for nearly $60 million.
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A representative of James addressed the report.
“The 2018 and 2022 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’ representative stated.
“Both transactions were fully approved by NBA. Mr. James has no affiliation with Guggenheim, Sammons Financial, North American Life or Midland National beyond their participation in these transactions.”
Walter and Guggenheim also got involved with LeBron James and his childhood friend, Maverick Carter, in 2020. They raised $100 million for SpringHill Co., their media venture. Guggenheim was among the company’s listed investors.
Walter has to raise money and sell significant assets because he is the subject of a federal and SEC investigation into the financial transactions of his insurance companies.
LeBron James Partners With PGA for a Golf Event in 2027
LeBron James has invested time in his new hobby, golf, over the past few summers. He plans to host an event in Akron, Ohio, next year, and the PGA Tour will be his partner.
James released a statement about his new golf project.
“Golf has become a passion of mine, and I’ve seen firsthand how the game can open doors, build relationships, and create opportunities that many kids don’t even know exist,” James stated.
“This partnership with the PGA Tour gives my foundation a chance to introduce my I Promise students and more people to the game at a young age, support talented athletes chasing their dreams, and continue investing in the city of Akron that means everything to me.”
LeBron James’ golf event will be a two-day event on July 6 and 7 at the South Course at Firestone Country Club.
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Edited by Reign Amurao