Dr. Dre wasn’t the only one who walked away with a wad of cash from his record-breaking deal with Apple. LeBron James has also reportedly cashed out, raking in a cool $30 million from Beats Electronics being bought by the tech tycoon.
As it goes, James bargained for a small stock in the Beats company back in 2008 in exchange for promoting the Beats by Dre headphones. That has translated into the profit he now earns from the Apple deal, in the form of stocks and cash, according to an ESPN story:
“While James was leading the Heat to a victory over the Indiana Pacers in the Eastern Conference finals, sources say the 29-year-old was finalizing what is believed to be the biggest equity cash payout for a professional athlete in history as part of Apple’s recent $3 billion purchase of Beats Electronics. Sources briefed on the situation say James realized a profit of more than $30 million in cash and stock in the Beats sale after he had struck a deal to get a small stake in the company at its inception in 2008 in exchange for promoting its high-end headphones.”
If the sources are proven to be correct, James will have earned $11 million more from Beats than he does in his NBA contract. Not a bad way to combat that pesky salary cap, huh King James?