LeBron’s King James Funding: Nearly $300M Borrowed Against Endorsements Before Lakers Move

# What happened

# How the financing was structured The initial bonds were purchased by two Midwestern life insurers: North American Company for Life and Health Insurance and Midland National Life Insurance. Those bonds carried an interest rate of 4.8 percent. The securities are long-dated and not due until 2049, meaning the insurers hold claims on future endorsement income for many years.

By the end of last year the insurers reportedly held roughly $245 million in bonds tied to James' company. Separately, in 2022 the same insurers provided about another $60 million in financing, around the time James signed a $97 million extension with the Lakers. The 2022 issuance reportedly carried a 5.75 percent interest rate and similar long-term maturity.

# Why this matters now The transactions drew additional attention because Guggenheim Partners — specifically an arm that advised the insurers on the investments — has business ties to Mark Walter, who at one point had ownership links to the Lakers and has invested in James' SpringHill Company. Federal scrutiny into parts of Walter's broader operations prompted closer examination of financial relationships that involve Guggenheim-linked advisers and parties connected to James.

A spokesperson for James described the transactions as a common securitization using personal, non-NBA salary assets and income. They framed the structure as routine for individuals with substantial and predictable non-salary earnings.

# Practical takeaways for readers

• Interest rates on the deals reported (4.8% for the initial issuance, higher for the 2022 tranche) reflect the market pricing for long-term credit tied to predictable non-salary income.

# Context and timeline

• 2017–2018: Initial King James Funding bond issuance closed before James signed with the Lakers in 2018.
• 2018: James joins the Los Angeles Lakers.
• 2022: King James Funding received additional financing of roughly $60 million, near the time of James' $97 million Lakers extension.
• 2025 (end of year): Insurers reportedly held about $245 million in bonds linked to James' company.

# Questions this reporting raises

• How will the long-term bond obligations interact with James' future earnings and business ventures beyond endorsements?
• What specific role did Guggenheim-affiliated advisers play in structuring or selling the securities?
• Does the securitization limit James' flexibility to monetize certain endorsement streams in the future?

# Bottom line LeBron James used a common financial tool — securitizing predictable, non-salary endorsement income — to raise nearly $300 million before his 2018 Lakers move. The arrangement moved significant future revenue streams off his balance sheet and into long-term bonds held by insurers, with advisory ties that prompted renewed attention given separate federal scrutiny of related parties.