investor

Harborne has already donated millions to Reform and Farage, who is currently under investigation by the parliamentary standards commissioner over whether he should have declared a £5m cash gift from Harborne ahead of the 2024 election.

Farage has argued that he was under no obligation to register the “purely private” gift, as it was unrelated to his parliamentary or political activities.

The party is also facing scrutiny over its finances after a broadcast by Channel 4 News last week showed two senior Reform aides apparently suggesting a way around electoral law to secure foreign party donations.

The Metropolitan Police has said it is investigating, while the party denies any wrongdoing.

The force is also looking into donations given to the party by Fiona Cottrell, mother of longstanding Farage ally George Cottrell, as well as a company controlled by its deputy leader Richard Tice.

Harborne wrote on Saturday that he had “already accumulated enough wealth for the rest of my life”, while Reform was a “start-up party” that lacked “the benefit of hundreds of years of patronage”.

“A start-up party needs more money than can be provided by membership fees alone, to build and sustain itself and be ready for government,” he said.

Harborne and Delo’s donations mark the largest sums received by a UK political party since they had to begin declaring them in 2001.

Delo, who also announced his donation in a Telegraph op-ed, said he was giving the money away because he wanted a “fair fight and a level playing field”. He said in April he was moving back to Britain from Hong Kong.

Addressing the recent scrutiny of Reform’s finances, he said: “My conclusion from Reform’s recent troubles is that they should spend less time trying to raise funds to compete on equal terms and more time preparing for government.”

Last year, he was given an unconditional pardon by US President Donald Trump over a breach of anti-money laundering laws at his crypto trading platform, BitMEX, to which he had pleaded guilty in 2022.

There are currently no restrictions on the amount of money UK-based donors can give to political parties.

However, the Labour government has introduced a £100,000 cap on donations from British citizens living overseas, and plans to introduce a similar one for those who have recently returned to the UK.

There were nine donations of £1m or more to political parties in 2025. The largest was £9m given to Reform UK by Harborne.

Labour had five donations of £1m or more – totalling nearly £10m – and the Conservatives had three of £1m each.

Labour said Reform and Farage still had “serious questions” to answer about their finances.

Party chairwoman Bridget Phillipson said Reform were “drowning” in “sleaze and scandal”,.

She added: “It’s time Farage and Reform came clean with the public, fully co-operated with the ongoing police investigations and prove they’re not just in it for themselves.”

Rachel Millward, deputy leader of the Green Party, told BBC News it wanted a cap on donations from individuals of £500,000.

She said the donations to Reform were “absolutely staggering amounts”, adding: “What I am very frustrated about is the influence of extreme wealth and the super rich. What I want to see is people in politics representing the needs of their communities and ordinary people.”

Liberal Democrat Cabinet Office spokeswoman Lisa Smart called for the government to introduce emergency legislation to cap donations.

She said: “These are eye-watering amounts of money. This is real emergency for our democracy. It presents a very clear and present threat.”

Duncan Hames, Director of Policy and Programmes at campaigning charity Transparency International UK, said: “This is a watershed moment, with two billionaires pledging £72m to one political party in less than 48 hours.

“This situation is now completely out of control, and makes an irrefutable case for government to bring forward an annual cap on political donations, and fast.”

Legislation that would have helped wildfire victims receive compensation more quickly, but that utilities said didn’t do enough to reduce their financial risks, died in Sacramento on Tuesday after the Assembly declined to vote on it.

The failure of Senate Bill 492 disappointed wildfire victims and lawmakers who had negotiated the language in a last-minute deal with Gov. Gavin Newsom.

“It is unfortunate that SB 492 was not given a vote,” said Senate President Pro Tempore Monique Limon (D-Santa Barbara). “Thousands of survivors made their voices clear — they needed reform to ensure the next wildfire does not continue to cause the mental and financial stress that recent disasters have placed on Californians.”

The bill’s failure was a win for the state’s three biggest for-profit utilities. Lawmakers say they will now continue working on reforms that Newsom had been pushing for, including limiting how much utilities have to pay for fires sparked by their equipment.

Share prices of Edison International and Pacific Gas & Electric had plummeted Monday after their investors learned that SB 492 did not include transferring more of the cost of utility-sparked fires to property insurers, a measure Newsom had proposed.

Insurers had warned the proposal could raise premiums by as much as 50%.

On Tuesday, with the failure of SB 492, the two companies’ stock recovered. Edison’s share price climbed nearly 9% to close at $58.80. PG&E’s shares rose 6% to $14.06.

The top executives of the two companies had written to legislative leaders Monday, calling on them to do more. The executives said their companies needed additional protection from wildfire costs because utility investors faced higher financial risks from such disasters in California than in other states.

“Faced with those risks, investors demand a higher return or invest elsewhere,” they wrote.

The companies had asked Newsom to strengthen a framework that he and lawmakers created in 2019 to protect utilities from bankruptcy after their equipment ignites a catastrophic fire.

With the help of those protections, even though investigators found Edison’s equipment sparked last year’s deadly Eaton fire, the company’s profit in 2025 soared by more than 200% — from $1.3 billion in 2024 to $4.5 billion

Some wildfire victims and consumer groups said Tuesday they were angry that lawmakers had backed away from the bill.

“If Wall Street does not trust Edison and PG&E to stop causing catastrophic fires, California should not solve that problem with another bailout,” said Joy Chen, executive director of Every Fire Survivor’s Network, and Jamie Court, president of Consumer Watchdog, in a statement. “Edison and PG&E should solve it by stopping the fires.”

The three utilities have caused at least seven of California’s 20 most destructive fires, according to the California Department of Forestry and Fire Protection.

Assembly Speaker Robert Rivas (D-Hollister) told reporters Tuesday that the final proposal had “some half measures” and “Californians expect a lot more than half measures.”

He said that Newsom didn’t ask him to abandon the bill.

“We’re going to tackle this issue in the best interest of our state, of residents, but certainly wildfire victims that expect a lot more from us,” Rivas said.

Newsom’s office declined to say Tuesday whether the governor would call a special session this year to debate the issue.

“The reforms in this bill, while important, did not address the underlying structural problems driving this crisis, as the initial market reaction this week demonstrates,” Newsom said in a statement. “Simply put, this measure did not meet the gravity of this moment. The only solution is to return to fix the entire problem, not part of it.”

Assemblymember Cottie Petrie-Norris (D-Irvine) said that the Legislature plans to hold a series of hearings this fall on how to deal with wildfire costs.

She acknowledged the rushed process of the last-minute proposal.

“It should come as no surprise to anybody that sometimes when policies get written at 6 a.m. perhaps we can do better,” Petrie-Norris said.

Democratic state Sen. Ben Allen, who represents the Pacific Palisades fire zone, said that he would have voted for the bill if it had cleared the Assembly.

“This bill package had a lot of good in it,” Allen said, adding that he understands “why a lot of colleagues felt as though it didn’t go far enough.”

The three utilities had been lobbying Newsom and lawmakers to further shield them and their shareholders from wildfire liabilities ever since last year’s Eaton fire.

Government fire investigators said the fire, which killed 19 people and destroyed thousands of homes in Altadena, was caused by electrical arcing on Edison’s out-of-service transmission line in Eaton Canyon. Edison kept the line in place despite not using it since 1971.

More than 11,000 households have filed suit against the utility, claiming it acted negligently, which the company denies.

When LeBron James signed up to lead the Los Angeles Lakers to NBA glory with a $154 million contract in 2018, it wasn’t the biggest deal he did that year.

Just months before he joined, a limited liability company he controls borrowed almost $300 million from a pair of Midwestern life insurers advised by an arm of Guggenheim Partners, according to insurance industry records reviewed by Bloomberg.

The previously unreported bonds, which are due in 2049, were structured to provide immediate cash to James and backed by a stream of future revenue tied to his earnings outside basketball such as a lifetime Nike Inc. sponsorship, people with knowledge of the matter said.

The burst of lending began before Guggenheim leader Mark Walter started acquiring the storied basketball team. In an abrupt turn this month, the billionaire mogul agreed to sell the Lakers amid a federal probe into parts of his business empire. There’s no indication that the loans to James have anything to do with those inquiries.

Athletes and artists are increasingly using future earnings like royalties and licensing deals to structure deals that help them unlock immediate capital. David Bowie was famously the first recording artist to go to Wall Street to tap the future earnings of his music, paving the way for a thriving market for esoteric securities.

But James’ deal offers another look at how Walter and fellow Wall Street money managers have tectonically shifted the once-boring business of life insurance, steering policyholder premiums into more unusual investments. Guggenheim has moved insurers’ money deeper into private credit, sports franchises and — with James — financing for a star player. That’s far outside the industry’s traditional focus on plain-vanilla assets to reliably pay out future claims.

The two insurers — North American Company for Life and Health Insurance and Midland National Life Insurance Co. — are both owned by Sammons Financial Group. During a call with investors this week, Sammons said Guggenheim was the sole manager in charge of picking assets for the firm’s portfolios until 2021, according to people who heard the remarks and, like others in this story, asked not to be identified describing confidential dealings.

Sammons has been distancing itself from Guggenheim recently. Walter’s firm had long counted Sammons’ parent company among its biggest investors. During the call, though, Sammons’ representatives said it has been selling down that stake, the people said.

The “transactions were a securitization done by Mr. James with his personal, non-NBA salary, assets and income which is a very common financial structure for an individual with this level of earnings and assets,” a spokesperson for James said.

Spokespeople for Sammons and Guggenheim declined to comment.

The scrutiny of Walter’s empire by the Justice Department and Securities and Exchange Commission has turned up the spotlight on the intermingling of asset managers and insurers.

Wall Street power players have used insurance balance sheets to pursue their quest for higher returns, steering the savings of everyday Americans into more opaque and complex investments. The approach lets asset managers originate and structure deals, and then find uncomplaining buyers by parking such investments on the balance sheets of insurers they influence.

King James Funding

James’ borrowing from the two Midwestern insurers — structured as sales of asset-backed bonds — began when he was at the Cleveland Cavaliers and his career was poised for new heights.

The two companies bought almost $300 million bonds issued by an LLC he controlled called King James Funding, the records show. Within a few years, the LLC paid down some of that debt, then sold more bonds to the insurers, leaving them with about $245 million on their books by the end of last year, the records show.

The initial bonds from 2018 had a 4.8% interest rate and aren’t due until late 2049, the industry filings show. Terms are otherwise scant in the records reviewed by Bloomberg.

A few months after the deal, James started looking for another team as a free agent, ultimately picking the Lakers. In an oft-retold moment, he received a visit at home from Walter’s longtime business partner Magic Johnson, then a top executive for the Lakers. James ultimately signed a four-year contract.

Then in mid-August 2022, James signed a $97 million contract extension with the Lakers. Around that same time, the same Midwestern insurers provided his LLC with more cash, buying almost $60 million of 34-year bonds with a 5.75% interest rate, the insurers’ records show.

“Both transactions were independently credit rated by a third party and the 2022 transaction was fully approved by NBA,” James’ spokesperson said, noting the athlete had no affiliation with Guggenheim, Sammons, North American Co. or Midland National beyond their participation in the transactions.

Guggenheim also got involved in some of James’ other personal ventures. As the Covid pandemic took hold in 2020, he and his childhood friend and business partner, Maverick Carter, announced that they had raised $100 million for their media venture called SpringHill Co. Guggenheim was listed among investors in that company.

Leaving the Lakers

For more than a decade, Walter has mixed money from insurers with investments in sports. His 2012 acquisition of the Los Angeles Dodgers with business partners including Johnson relied heavily on the insurance industry.

Afterward, the new team’s owners ramped up spending on players to turn the franchise into a jewel of professional baseball, appearing in five of the past nine World Series. But that playbook isn’t as feasible in the NBA, which has stricter caps on team salaries.

Walter’s acquisition of the Lakers began in 2021 when he purchased a minority stake, granting him rights that paved the way for him to take a majority stake last year.

The sale of the team came as Walter has been reshaping his empire to unwind more than $20 billion of loans on his insurers’ books that should have been marked as funding affiliated businesses, but weren’t. While regulations allow insurers to lend money to such parties, they require that the dealings be disclosed.

James, meanwhile, announced that he’s leaving the Lakers and he signed a two-year deal with the Philadelphia 76ers. His new team is co-owned by Josh Harris, whose 26North Partners invests across middle-market private equity, credit and insurance.

Li, Sridhar Natarajan and Rajbhandari write for Bloomberg.