Lakers Reportedly Pay Kobe $24M In Balloon Payment
LOS ANGELES (CBSLA.com) — Friday means pay day for many Angelenos, but for Kobe Bryant, this is no ordinary paycheck.
The Los Angeles Lakers will reportedly pay their injured star a balloon payment of over $24 million as part of his roughly $30 million salary for the 2013-14 season, the Los Angeles Times reported.
According to the Times, the 35-year-old Bryant will receive $24,363,044 of his $30,453,805 salary, with the remaining $6 million to be paid out over the course of this NBA season.
Bryant – who is still recovering after surgery in mid-April for a torn Achilles tendon injury – is one of the few NBA players at the 80 percent maximum limit of how much salary a player can receive in advance, the Times reported.
Steve Kyler of HoopsWorld.com told KNX 1070 NEWSRADIO these types of contracts, while rare, are typically reserved for an elite group of players.
“When the Lakers lured Shaquille O’Neal away [from the Orlando Magic], it had that, there are a number of teams that do that,” Kyler said. “It’s a tool that allows you to be competitive, especially if you’ve got deep pockets or you’ve got a market revenue like the L.A. Lakers when you have a lot of money coming in.”
While there is no timetable for his return to the court, Bryant is expected to re-sign with the Lakers at some point during the season.