Controversy over LeBron James's unprecedented contract: "Has he sold his soul for 15 million when he already has 1,000"
LeBron James, who agreed to the largest salary reduction in NBA history, will make more money thanks to his partnership with Polymarket than playing for the Sixers
L eBron James the Sixers ' star signing this summer, agreed to the largest pay cut in NBA history by signing a 2-year, $8 millioin contract with Philadelphia .
The 41-year-old forward has gone from earning 52.3 million in his final season with the Lakers to the 3.8 he accepted from the Sixers for the current campaign.
LeBron James, who l oses 48.75 million from one season to the next in pursuit of the goal of competing for the championship in the City of Brotherly Love, has taken an stunning 92% reduction compared to his previous salary .
Controversial LeBron James deal with a betting company: he will earn triple what he makes with the Sixers
Over his more than two decades of career in the NBA, he has earned 583.9 million in contracts , but his net worth is much greater thanks to his investments and advertising income (he has a lucrative lifetime contract with Nike that brings him in 40 million annually).
Other companies that are betting heavily on LeBron include Polymarket (in September it signed him to a 15-million-a-year contract as an ambassador for the betting company) , PepsiCo, Richard Mille, and Mattel (he became the first professional athlete to have his own Ken doll), AT&T, Beats by Dre, GMC, Rimowa, and Walmart.
To expand and consolidate his fortune, LeBron James has managed to replace cash payments with equity stakes in companies he collaborates with, such as Apple and Blaze Pizza.
According to Forbes, "King" James has an estimated net worth of $1.4 billion .
Has LeBron sold his soul for 15 million when he already has 1 billion? I don't know, there's something fishy here
In the midst of a whirlwind of attacks on actress Sydney Sweeney over her controversial collaboration with a betting company, in which she is accused of hypersexualizing the image of women and female athletes, LeBron James is being heavily criticized for his collaboration with another betting company and the impact that decision could have on the NBA market.
"Did LeBron James sell sold his soul for 15 million when he already has 1 billion? I don’t know, something’s fishy here," a fan complained on social media.
Brett Siegel clarified in "ClutchPoints" , "As far as I know, this does not violate any rule of the collective bargaining agreement (CBA). But, looking ahead, these side deals that players have with companies could directly result in lower-value contracts to ease the salary cap, which, in theory, amounts to circumventing that cap," Brett Siegel alleged in "ClutchPoints".
'The analyst highlights that "a player could agree to a contract for a significantly lower amount knowing that they have a potential sponsorship secured to make up more than $10 million... Then, the player tells the team that they will sign for less because of those side deals. The necessary arrangements are made and the deal is finalized".'
There is currently no indication that James's agreement with Polymarket is linked to the Sixers, and the NBA does not have any specific rule prohibiting players from promoting prediction markets.
