LeBron James, welcome to the billionaires club

Savvy business choices and a Nike endorsement has helped LeBron James to become the first US basketball billionaire whilst still playing the game.

LeBron James, 37, has become the first basketball player to reach billionaire status whilst still playing the game. Picture: Jason Miller / Getty Images / AFP

LeBron James has another title: billionaire.

The professional basketball star’s net worth is now valued at more than $US1.2 billion based on endorsements, business ventures, cash and investments, according to estimates from Forbes. Mr James, 37 years old, just completed his 19th season in the NBA.

About $US500m of his net worth comes from stakes in several closely held businesses and real estate properties, according to Forbes. They include his production company SpringHill, his share of holdings in pizza chain Blaze Pizza and his part-ownership of Fenway Sports Group. He also has more than $US500m in cash and other investments, as well as endorsement deals. He has a lifetime endorsement deal with Nike.

The net worth of many other billionaires has declined this year, as markets have softened and their wealth is mostly tied up in stockholdings.

Mr James has made more than $US385m in salary in his National Basketball Association career playing for the Cleveland Cavaliers, Miami Heat and Los Angeles Lakers, according to Forbes. SpringHill was valued at $US725m last year when it sold a minority stake to a consortium of investors that included Nike, Epic Games, RedBird Capital Partners and Fenway Sports Group.

A spokeswoman for the Los Angeles Lakers, Mr James’s current team, didn’t respond to a request for comment.

Mr James co-founded SpringHill with his childhood friend Maverick Carter. The company helped produce “Space Jam: A New Legacy,” which starred Mr James and was released in 2021, and the 2019 HBO documentary “What’s My Name: Muhammad Ali.”

Mr James began investing in Fenway Sports Group, which owns the Boston Red Sox and Liverpool FC, the English Premier League soccer team, in 2011. That deal marked the first time an active professional athlete took an ownership stake in a team with the size and reach of Liverpool, one of the most popular teams in the world.

In 2020, Mr. James invested in Lobos 1707, a tequila and mezcal brand. He said at the time that he was always looking for new business ventures. “If it’s organic to who I am or what I’m doing, then it’s a lot easier for me to be a part of something,” Mr James said in an interview with The Wall Street Journal in 2020.

Mr James is the first basketball player to reach billionaire status while being in the NBA, Forbes said. Michael Jordan, whose legacy Mr James has chased throughout his career, became a billionaire in 2014, 11 years after retiring, according to Forbes.

Mr Jordan is now majority owner of the Charlotte Hornets. Representatives for the Charlotte Hornets didn’t respond to a request for comment.

Mr. James has one year left on his contract with the Lakers, but has said he wants to stay in the NBA long enough to play with his son Bronny James, who will be a high-school senior in the fall.

The Wall Street Journal.