LeBron James has sights set on owning a sports team, his longtime financial adviser says

Brian Sozzi
Updated

CANNES, France — NBA great LeBron James likely won't waste too much more time before becoming the owner of a sports team, says his longtime financial adviser.

"I think LeBron has been very public in saying that he wants to own a team, and that's something that we are thinking about and working on, ... and so you know there might be some expansion franchises awarded," Paul Wachter, founder and CEO of Main Street Advisors, told Yahoo Finance Live at the Cannes Lions Festival of Creativity on Tuesday.

Wachter has advised LeBron on financial matters for close to twenty years. The financial partnership has led to an ever-increasing roster of big investments for the generational sports star.

Los Angeles Lakers forward LeBron James (6) stands with his teammates during the singing of the national anthem prior to the start of an NBA basketball game against the Dallas Mavericks in Dallas, Sunday, Dec. 25, 2022. (AP Photo/Emil T. Lippe)
Los Angeles Lakers forward LeBron James (6) stands with his teammates during the singing of the national anthem prior to the start of an NBA basketball game against the Dallas Mavericks in Dallas, Sunday, Dec. 25, 2022. (AP Photo/Emil T. Lippe) (ASSOCIATED PRESS)

James gained initial headlines for taking equity stakes in Blaze Pizza and Beats by Dre (now owned by Apple (AAPL)). Since then, James has expanded his portfolio to include an investment in Fenway Sports Group in 2011 — the parent company of the Boston Red Sox and Liverpool FC.

He has also assembled a tequila brand called Lobos Tequila, which received a buyout offer that James turned down because he loves the business, Wachter told Yahoo Finance.

James is also the co-founder of SpringHill Entertainment with his longtime friend and business associate Maverick Carter. The production company has debuted hit shows like "The Wall."

The collection of businesses — plus more than $530 million in career NBA earnings and money from various endorsements — led James to reach billionaire status in June 2022.

NEW YORK, NEW YORK - OCTOBER 17: A view of Lobos Tequila at the Grand Tasting featuring Culinary Demonstrations presented by Liebherr Appliances during Food Network & Cooking Channel New York City Wine & Food Festival presented by Capital One at Pier 76 on October 17, 2021 in New York City. (Photo by Rob Kim/Getty Images for NYCWFF)
A view of Lobos Tequila at the Grand Tasting featuring Culinary Demonstrations presented by Liebherr Appliances during Food Network & Cooking Channel New York City Wine & Food Festival presented by Capital One at Pier 76 on October 17, 2021, in New York City. (Photo by Rob Kim/Getty Images for NYCWFF) (Rob Kim via Getty Images)

Forbes estimates James's wealth stands at around $1 billion currently.

It's a huge pile of value that could support new investments by James as his playing career winds down.

"He is an interested person," Wachter added. "He is not going to sit around on the beach, so to speak — and I think he really wants to own an NBA team."

Still, the financial bar to own that NBA team just got raised a bit higher.

NBA legend Michael Jordan reportedly has sold his majority stake in the Charlotte Hornets team at a $3 billion valuation. Jordan purchased the team for $275 million in 2010.

Brian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn. Tips on the banking crisis? Email brian.sozzi@yahoofinance.com

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