Friday, June 13, 2014

LeBron James Made $30M Off Beats by Dre Deal

According to SB Nation, LeBron James' "small stake" in Dr. Dre's headphone company, Beats Electronics, turned into over $30 million when the rap mogul sold his company to Apple.  For comparison, James only makes $19 million per year from his salary with the Heat. You know, ONLY $19 million, more than any of us will ever see in our lives. The larger story, though, is about James' big cash dump changes the way the Heat can finance potential additions to their team. James is a 10-time all-star, four time MVP, two-time champion, and two-time Finals MVP, and still has never been the highest-paid player on his team. And he doesn't have to be: his off-court earnings make his actual salary somewhat irrelevant. He can afford to take less money, and allow his team to fit in other quality players under the league-mandated salary cap. And the more his team wins, the more he'll be worth to potential endorsers, now and in the future.It's believed to be the largest such payout for an athlete in history. Darren Rovell tweeted that David Wright's stake in Vitamin Water, reported to be about $20 million, was actually much less, so this payday might not even really have any competition.  Of course, that's not to say James should or will pass up money from the Heat -- his career won't last forever -- but he's shown a willingness to do so in past, and his financial situation has only gotten much, much more secure since the last time he signed a contract.

Sidebar: A side deal that makes you more than your day job. Very nice Lebron! 

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