LeBron James, the NBAās all-time leading scorer, opted out of his contract with the Los Angeles Lakers last season and entered free agency. Speculation suggested that the King would re-sign with the Lakers to play alongside his son, Bronny James, who recently joined the team.
Indeed, the Lakers announced on Saturday that James signed a two-year, $101.35 million extension. This extension will allow him to play for a record 23 seasons in the league, surpassing Vince Carterās 22-year career.
A notable aspect of LeBronās new contract is his decision of taking a pay cut and not demanding the maximum allowed $104 million. This move will help the Lakers avoid salary cap restrictions that could hinder the teamās future roster formation.
This financial flexibility gives the Lakers access to the mid-level exception, which allows teams to sign a player for $13 million above the first salary cap. Itās the first time LeBron, 39, has not signed for the maximum amount since 2010.
When was the last time LeBron James took a pay cut?
James has only taken a pay cut once before, in 2010, when he joined the Miami Heat on a two-year, $68.6 million contract. He left $15 million on the table to help Heat management assemble a team that reached four consecutive Finals and won two championships.
Chris Bosh #1, 2 #6 and Dwyane Wade #3 of the Miami Heat look on during their game against the Dallas Mavericks. Layne Murdoch/Getty Images
That Miami Heat team, featuring the ābig threeā of LeBron James, Dwyane Wade, and Chris Bosh, lost its first final in 2011 to the Dallas Mavericks but won the following year against the Oklahoma City Thunder.
see also
NBA Rumors: The Lakers already have a plan for LeBron James' son Bronny
The Heat secured another title in 2013 by defeating the San Antonio Spurs. However, they missed the opportunity to win a fourth title in 2014, losing to the Spurs in the Finals.
LeBronās decision to take a pay cut once again underscores his commitment to the Lakers and his desire to build a championship-contending team.
