How LeBron James lost out on $200 million deal due to unique contract clause
Basketball legend LeBron James missed out on a potential $200 million contract due to a unique clause.
James, who is the NBA's leading scorer, has been one of the league's best players since his debut in 2003.
In a remarkable career he has won four championship across three different teams: the Cleveland Cavaliers, Miami Heat and the Los Angeles Lakers.
Despite turning 40, James continues to perform consistently at the highest level. He was named as an all-star for a record 21st consecutive year and finished sixth in the voting for MVP.
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Last season saw him make further history when him and his son Bronny James became the first father-son duo to play in the NBA.
The basketball icon described it as his 'number one experience' playing the game, which is quite the statement.
What was LeBron James' $200m deal and why didn't it happen?
When James rejoined the Cleveland Cavaliers in 2014, he chose to sign short-term deals.
It was reported that he was waiting until the 2017-18 season, when the salary gap was expected to rise significantly.
This would have allowed him to sign a five year deal worth an eye-watering $200 million.
However, there was a rule which meant this was not possible.
Included within the NBA's collective bargaining agreement, there was an 'over-36' rule at the time. This prevents teams from offering contracts of four years or more to players that were 36, or will turn 36 during the contract.
And as James turned 36 in 2020, he would have been unable to sign the huge long-term deal.
The age-limit has since raised, and it now applies to those aged over 38.
What has it meant for LeBron James' wealth?
It has not been too damaging for James. He is now worth an estimated $1.2 billion, making him the first active basketball player to become a billionaire.
Although he has signed some big money contracts in his career, a lot of his wealth has come from other sources.
In 2015, he signed a lucrative lifetime deal with Nike, which was the first such deal the company had ever signed.
James has also received sponsorship from other companies including Beats Electronics, PepsiCo and Walmart.
He has also made clever investments as well, including partial ownership in Fenway Sports Group, who own Liverpool FC, Boston Red Sox and Pittsburgh Penguins.
James also co-founded his own entertainment business called SpringHill Company, which now boasts American tennis icon Serena Williams on its board.
What is LeBron James' current NBA contract? And will he retire?
The 40-year-old's basketball future has recently been the subject of intense speculation.
James has a $52.6 million player option in his contract with the LA Lakers, meaning he has to decide if he wants to continue with the franchise by 29 June.
If he opts in, it would leave him as a 41-year-old free agent in 2026.
Given James and his family are settled in Los Angeles, many commentators do not believe he would leave his home.
Topics: Lebron James, NBA, Basketball
James Taylor