LeBron James Set to Enter Michael Jordan Territory With Possible NBA Franchise Purchase

NBA superstar LeBron James is looking to step up his game with a purchase of an NBA team. James is a partner of Fenway Sports Group who is in advanced talks to acquire the Pittsburgh Penguins, hockey team.

LeBron James partnered with Fenway Sports Group that gives him part ownership of the Boston Red Sox and Liverpool FC.

LeBron taking over an NBA franchise:

“Fenway Sports Group LLC, the holding company that owns the Boston Red Sox, is in advanced talks to buy the Pittsburgh Penguins hockey team, according to people familiar with the matter. A deal could be finalized later this week, assuming the talks don’t fall apart, the people said. Terms being discussed couldn’t be learned.” the Wall Street Journal Cara Lombardo and Laine Higgins wrote.

The talks of LeBron taking over a team had started long ago, adding to his long list of investments. LeBron had talked of taking over the Cleveland Cavaliers in 2017, the team which first drafted him in 2003. Although the Cavaliers are not for sale, if the owners ever decide to make the franchise available, then James would be the frontrunner.

“I will own a team someday. That’s my next thing,” James told The Athletic. Even though James cannot be a majority owner of an NBA and WNBA team, he is looking to expand his portfolio towards the end of his career.

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LeBron James Net Worth and Business Ventures:

LeBron has a net worth of  $96.5 million(Source: Forbes) and has earned around $200 million in salaries over his 17-year career. Endorsements and business ventures contribute to most of his income. King James is one of the most endorsed athletes in the world.

He owns 14 Blaze Pizza franchises and has signed a $1 billion “lifetime deal” with Nike in 2015. James has stakes in Beats Electronics and Liverpool F.C. and owns his own production company, SpringHill Entertainment. James has also endorsed a variety of products such as Coca-Cola, Beats by Dre, McDonald’s, and 2k Sports, to name a few.

LeBron earns an estimated $53 million yearly off of endorsements alone, which is higher than anyone in the league. He is the only player besides soccer star Cristiano Ronaldo to earn more than $43 million from endorsements. This just shows his immense popularity and his marketing genius.

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