Tuesday, May 17, 2016

LeBron James' Business Partner Tells GQ Nike Deal is Worth More Than $1 Billion

Posted By on Tue, May 17, 2016 at 12:43 PM

click to enlarge PHOTO BY EMANUEL WALLCE
  • Photo by Emanuel Wallce
LeBron James' new contract signing with Nike last year is old news by now, but there was no indication as to how much The King got from it.

Until now.

Now, James' business partner Maverick Carter tells GQ Magazine that The King is, for all intents and purposes, a billionaire (or, at least a future one). While Carter wouldn't say how much it's for either, he was all smiles when gave the mag a clue.

How much was the deal for?

I can't say.

Come on, Mav! Can you ballpark it?

What are people saying?

Kanye said a billion. So a billion.

Maverick smiles and points one finger skyward. 
There was much speculation that the contract was huge, but this is the first time it's been confirmed by James' camp.

Like most shoe deals, James likely gets a percentage of sales revenue. The actual amount isn't specific since sales can only be projected. The GOAT Michael Jordan, for example, also has a deal with Nike and makes income from apparel and shoe releases and re-releases well after his retirement. If James follows this same model, a billion dollars doesn't seem all that far-fetched.

In the meantime, James also continues to sign one-year deals with the Cavs that was thought to be a strategy to earn more money in the future. Carter confirmed to GQ their financial game plan with that too.

“I saw an article in Business Insider the other day that said LeBron’s gambling with one-year contracts is about to pay off,” Carter told GQ. “It’s like, ‘Yeah, we thought about that, like, three years ago.’ ”
James is expected to opt out of his contract with the Cavs again this summer in anticipation of the NBA salary cap increase for the 2017-2018 season.

Also, if you care, Carter says he doesn't regret working with Johnny Manziel.

(Hat Tip Crain's Cleveland)

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