LeBron James LLC borrowed $300 million from insurers in 2018

A previously unreported financial arrangement shows that a company controlled by basketball star LeBron James borrowed nearly $300 million from two Midwestern life insurers in 2018, months before he joined the Los Angeles Lakers. The transaction, structured as bonds backed by future non-NBA income including his lifetime Nike sponsorship, has drawn new attention due to the subsequent involvement of the same financial advisor in the sale of the Lakers. According to insurance industry records reviewed by Bloomberg, an LLC named King James Funding issued the bonds in 2018. The lenders were North American Company for Life and Health Insurance and Midland National Life Insurance Co.