LeBron James Borrowed Nearly $300M From Insurers Tied To Guggenheim In 2018
- LeBron James secured nearly $300 million in 2018 through King James Funding, an LLC he controls, by issuing asset-backed bonds to insurers linked to Guggenheim Partners, backed by his lifetime Nike Inc. sponsorship.
- The financing mirrors 'Bowie Bonds,' a strategy allowing entertainers to leverage future royalties for immediate capital without selling assets, enabling James to access funds independent of his NBA salary.
- Two Midwestern insurers owned by Sammons Financial Group—North American Company for Life and Health Insurance and Midland National Life Insurance Co.—purchased the bonds at interest rates of 4.8% and 5.75%.
- Financier Mark Walter, whose empire faces federal scrutiny over roughly $20 billion in transactions, recently agreed to sell his controlling Lakers stake for $12.5 billion, though James's loans predate Walter's ownership.
- James recently signed a two-year contract with the Philadelphia 76ers, while Sammons Financial Group has reportedly been selling down its stake in Guggenheim-managed assets amid increasing regulatory pressure on insurance-backed investments.
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15 Articles
LeBron James' LLC was in business with Mark Walter's company, who is now under investigation for fraud: report
LeBron James had been in business with Mark Walter, whose business empire is under scrutiny from both federal prosecutors and the Securities and Exchange Commission in tax fraud investigations, long before he joined the Los Angeles Lakers. Months before he signed with the Lakers in 2018, a limited liability company James controls borrowed $300 million from a pair of Midwestern life insurers advised by an arm of Guggenheim Partners, according to …
Exclusive | LeBron James tied to Mark Walter, Guggenheim on $300 million loan
Before joining the Lakers in 2018, a limited liability company controlled by former franchise superstar LeBron James borrowed almost $300 million from a couple of life insurers that were being advised by Guggenheim Partners, the California Post confirmed Tuesday. Guggenheim Partners, to which former Lakers owner Mark Walter is the CEO, is under federal investigation...
LeBron James Connected to $300 Million Loan From Mark Walter-Linked Firms: Report
LeBron James was linked to a $300 million loan from firms connected to Mark Walter, according to a new report from Bloomberg. The post LeBron James Connected to $300 Million Loan From Mark Walter-Linked Firms: Report appeared first on HEAVY.
LeBron James Borrowed Nearly $300M From Insurers Tied To Guggenheim In 2018
An LLC controlled by LeBron James borrowed nearly $300 million from two Midwestern life insurers advised by an arm of Guggenheim Partners months before he signed with the Los Angeles Lakers in 2018, according to insurance industry records reviewed by Bloomberg. The previously unreported bonds are structured against future revenue from James' endorsement deals, including a lifetime Nike sponsorship, and are not due until 2049. The lending arrange…
With future income from non-basketball activities as collateral, LeBron James raised nearly $300 million through bonds from two insurance companies, with the financing extending through 2049.
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