(Bloomberg) — LeBron James has long made clear his aspirations to cement his billionaire status by owning an NBA franchise.
But for now, the 39-year-old still ranks among the league's superstars and is instead breaking a record amount of pitches.
James agreed to a two-year, $104 million deal with the Los Angeles Lakers, according to a person familiar with the matter. That's the highest ever for someone his age and would put his net worth at almost $1.5 billion, including this upcoming season's salary, according to the Bloomberg Billionaires Index.
The contract confirms James will fulfill a longtime goal of playing with his son Bronny James Jr., 19, who was drafted by the Lakers last week and reportedly agreed to a four-year, $7.9 million contract.
The senior James, who is entering his 22nd NBA season, holds the league's all-time scoring record and averaged 25.7 points per game last year, ranking him among the top 15 players in the league.
Dubbed “King James” since his stellar high school career led the Cleveland Cavaliers to select him with the first pick of the 2003 NBA draft, he is the current richest player. Another NBA great, Michael Jordan, is worth more than $4 billion after selling his stake in the Charlotte Hornets last year.
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James' fortune consists of a mix of his NBA salary, as well as sponsorships, investments and his consumer and entertainment business, SpringHill Co.
SpringHill was valued at about $725 million in 2021 after James and business partner Maverick Carter sold a minority stake to a group of investors, including Nike Inc. He has a sponsorship deal with the shoemaker that is expected to bring in $1 billion over his lifetime, and he raised over $100 million from the sale of Beats Electronics to Apple Inc. in 2014.
He also holds an extensive portfolio of diversified investments, including a 1% stake in Fenway Sports Group, owner of MLB's Boston Red Sox, NHL's Pittsburgh Penguins and Liverpool FC.