Sports

LeBron James nearly doubled his NBA salary with Beats by Dre sale

by Tyler Munro

Athletes have a history of going broke when their bodies wear out. We’re always hearing about the Lattrell Sprewells and Evander Holyfiends—hell, the NBA estimates that 60 per cent of its athletes go bankrupt after retirement—so it’s refreshing to see an athlete who seems to have invested well. In basketball specifically, Shaquille O’Neal reportedly banked his career salary and lived off endorsements, James Jones invests 80% of his salary and Klay Thompson’s dad still rations his income.

Then there’s LeBron James, the league’s best player and perhaps the most unfairly criticized athlete on the planet. He skipped college and signed a $90 million endorsement deal with Nike before ever suiting up in the big leagues. As his eleventh season winds down with his fourth consecutive NBA Finals appearance, James currently makes $42 million a year in endorsements—that’s on top of his $19 million annual salary.

And the rich get richer, because James is an unlikely benefactor from Apple’s $3 billion acquisition of Dr. Dre’s Beats By Dre line of headphones. Without having to do anything, James reportedly scored more than $30 million in cash and stock from the sale, dating back to a deal he made in 2008 that essentially paid him to be seen wearing their headphones. Not a bad bargain for James, especially given Beats’ ubiquity in sports. [via CBSSports]