LeBron James just made NBA history.
Klutch Sports, a sports agency founded by LeBron, celebrated his new career milestone on Instagram Aug. 17, writing, "Congrats @kingjames on your 2 year 97.1M dollar extension and becoming the highest paid player in the history of the NBA! #Klutch."
On Aug. 18, Lakers' Vice President of Basketball Operations and General Manager Rob Pelinka issued a statement regarding LeBron's historic agreement.
"LeBron is a generational basketball player who has proven to be even more impactful as a human being," he said. "We are thrilled to continue our partnership with him, ensuring he's a driving force of Lakers culture for years to come. The Lakers platform has proved again and again to be an ideal place for the game's all-time greats to thrive and achieve.
"We are thankful LeBron has experienced the power of that. With his transcendent talent, unrivaled passion and dedication to causing powerful change in our society, LeBron continues to cement his legacy in Los Angeles and around the globe."
The road to success wasn't always an easy one for the King. Growing up in Akron, Ohio, LeBron has spoken about his tough childhood, noting that as his mom, Gloria James, often struggled to make ends meet. However, he quickly learned the value of a dollar at an early age from his relatives.
"My uncles always taught me—they taught me how to have a savings account," he said in a 2018 podcast episode on his media platform, UNINTERRUPTED. "They'd give me a dollar and they'd be like, ‘Listen, nephew, go spend 35 cents of it and keep the other 65.' Or, if they gave me two dollars, they'd be like, ‘Go ahead and spend a dollar of it, but stash the other dollar.'"
Those early lessons from his family helped him reach new heights with his finances. Earlier this year, LeBron became the first active NBA player to become a billionaire and the second NBA player to reach the milestone, joining retired basketball star Michael Jordan, according to Forbes.
In June 2022, LeBron's pre-tax earnings were valued at $1.2 billion. In addition to being the highest-paid player in the NBA, Lebron also has several businesses, as well as endorsements and partnerships with Nike.