Rolling Out

LeBron James’ latest move might make him a billionaire

LeBron James' latest move might make him a billionaire
LeBron James (Photo credit: / Tinseltown)

LeBron James continues to stack his chips as he chases the illusive billionaire status. Forbes reports that the NBA baller is set to make a record $111.2 million between his on-court and off-court earnings this year, making him by far the highest-paid NBA player.

Staying on his financial trek, James and his business partner Maverick Carter recently announced that they are selling a large minority stake of their entertainment and media company SpringHill Company to an investment group formed by RedBird Capital Partners, Fenway Sports Group, Nike and Epic Games. The deal is valued at $725 million.

“SpringHill’s mission is empowering greatness in every individual. We started this company with the tagline ‘More Than an Athlete,’ which still defines everything we do to this very day. We are an incredible team of athletes, artists, writers, designers, musicians, and countless other creators. With this new group of investors who are the very best in their respective industries we are going to be able to empower our community and every creator to do their most inspiring work and achieve their most ambitious dreams,” Maverick told the business trade.

Forbes also estimated that LeBron James’ net worth is around $850 million. He still has a little way to go before catching up with his idol Michael Jordan, who is currently the only NBA player to reach the billionaire status. As a part of the transaction, existing shareholder UC Investments will increase its investment. CEO Maverick Carter and James, who is chairman, will still have a controlling interest although terms were not disclosed.

SpringHill’s list of productions includes James’ summer cartoon hit Space Jam which was distributed through Warner Bros. Pictures as well as the HBO talk series “The Shop.” James and Maverick are also producing a new version of the hip-hop movie classic House Party. The film series starred the ’90s rap duo Kid ‘N Play. “The Chi’s” Jacob Latimore and Tosin Cole have been cast for the leading roles in the new film.

SpringHill has a few Netflix original projects as well in production and partnerships with major advertisers Procter & Gamble, Chase and PepsiCo. , which along with Uninterrupted’s own apparel collections are fueling LeBron’s financial goals.

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