In the next 15 or 20 years, I hope I'll be the richest man in the world. That's one of my goals. I want to be a billionaire. I want to get to a position where generation on generation don't have to worry about nothing. I don't want family members from my kids to my son's kids to never have to worry. And I can't do that now just playing basketball.
LeBron James, Seattle Post-Intelligencer, Dec. 10, 2005
Yeah, we love basketball. But this article is about LeBron James Economics 101.
Welcome to class.
Four years ago, before his selection as the number 1 pick by the Cavaliers, LeBron signed an unprecedented $90 million contract with Nike at the age of 18.
Today, Nike’s $90 million investment never looked better. Never. Recently, Brian Fairben, Nike's business manager for James is quoted as saying: "The world changed for a lot of us at Nike in that Game 5 (vs. Detroit).” We are sure it has.
Berkshire Hathaway Billionaire Warren Buffett has watched him play in person during several games this season. They’ve enjoyed each other’s company.
This week, Michael Jordan has not hesitated with praise for LeBron for leading the Cleveland Cavaliers to victory over the Detroit Pistons in the Eastern Conference finals.
Everyone wants to praise and hang with LeBron.
Right now, the top athletes in the world for their endorsement value are Michael Jordan and Tiger Woods.
Currently, LeBron James is well down that list at #62. James has a number of endorsement contracts with Nike, Sprite, Powerade, and Upper Deck. Yet, his endorsements are considered relatively limited and modest---given the potential. However, that will change quickly. Very quickly.
According to a Bloomberg article, LeBron "might increase his $25 million in annual endorsement contracts by 40 percent with a National Basketball Association championship."
LeBron: portfolio manager.
Lebron James Nike Pool Commercial
Maverick Carter, James's manager and former high school b-ball teammate at St.Vincent-St. Mary High School in Akron, Ohio, says that LeBron is open to new endorsements. Carter’s phone is most certainly ringing 24/7.
LeBron is serious about taking his business enterprises global. LeBron is serious about the NBA title. LeBron is serious about many things.
What LeBron is serious about is what LeBron eventually achieves.
Go Cavs!
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Awards:
NBA first overall draft pick: 2003 NBA Draft
NBA Rookie of the Year: 2004
NBA All-Star Game Most Valuable Player: 2006
The LeBron James Official Site
Nike Basketball
NBA: LeBron James page
