This man was once enthusiastically praised by the sage of Omaha for his astute business selections.
LeBron James, the NBA basketball sensation, is mentioned in the novel. He joined the world billionaires club last year, with a worth of approximately $1 billion USD.
James is the first NBA player to amass a billion-dollar fortune while still playing. Previously, basketball player Michael Jordan became a billionaire. However, he won the title in 2014, more than a decade after retiring from athletics.
This result is not due to chance for LeBron James, but to the wise business decisions he has made over the years.
Excellent business judgment and vision
LeBron James was being pursued by the American basketball community and the media in May 2003. As a result, several brands want to sign contracts with James, most notably Reebok, Nike, and Adidas.
Reebok was the company that offered the most money at the time, with a 10-year contract worth $100 million USD. This was a substantial sum of money at the time. In the same year, Kobe Bryant, a three-time NBA champion, signed a $ 40 million contract with Nike exclusively.
However, the 19-year-old LeBron James is thinking about more than just making money. So James joined with Nike because he thought it would be a better fit for his future. Although Nike only offered a 10-year contract worth $70 million with a bonus of $10 million, James’ decision has proven to be correct.
Since then, James has been one of Nike’s primary faces, and the company’s marketing efforts have made him popular all over the world.
Nonetheless, James’ commercial acumen is demonstrated through sensible decisions. James is only truly engaged in the company initiative when he has a say and control over it.
He also declined all contract proposals for brands he didn’t use or was interested in, regardless of how large the contract price was. James formerly wore Beats headphones, which were designed by music superstar Jimmy Iovine and rapper Dr. Dre. Iovine produced the track. He planned to utilize them to promote the product in exchange for a small portion of the company’s stock.
Even though Liverpool had not yet won the Premier League, LeBron James chose to buy back 2% of the club’s shares for $ 6.5 million in 2011. However, James shown his ability to “clearly” when Liverpool won the UEFA Champions League. The club’s valuation has risen dramatically, and James’ stake in Liverpool is now worth roughly $44 million, representing an almost seven-fold increase in 12 years.
Warren Buffett commends
Warren Buffett praises LeBron James for his business acumen. Buffett is one of the world’s most well-known and successful investors. He is the current Chairman, CEO, and largest stakeholder of the multinational corporation Berkshire Hathaway.
In 2019, sports journalist Brian Windhorst published the book ‘LeBron, Inc.: The Making of a Billion-Dollar Athlete,’ which chronicles the multi-skilled LeBron James from talented basketball player to world billionaire. Furthermore, the book chronicles the extraordinary transformation from being a four-time NBA champion to being a business success “with numbers.”
Warren Buffett says of LeBron James in the book, “LeBron is very good at business.” “I wished I had been as wise when I was his age.”
Being commended by investment great Warren Buffett validates the 39-year-old billionaire’s abilities.
Windhorst also stated that James had contacted Buffett to seek his advice on investments. He was only 23 years old at the time.
He is continuously on the lookout for good assets. In one interview, James stated, “I know how to see talent and how to run a business.” So my ambition is to purchase an NBA team, and I intend to do this as soon as feasible.”
