Ball has allegedly split from Big Baller Brand, the company set up by his father, LaVar, despite owning 51 per-cent of the business.
The brand covers Ball’s shoes, as well as clothing and various other merchandise.
However, Lonzo announced on Sunday that he had “taken control of his career”, after it was alleged that co-founder Alan Foster had embezzled $1.6million (£1.21m) from him.
In a statement to ESPN, Ball said: “This has been a very difficult decision as I had a great deal of love and respect for Alan.
“But the time has come for me to take responsibility for my own career both on and off the court.”
James declared his “love” for Ball on Monday, and suggested that he wanted to see his team-mate sign an endorsement deal with Nike – who sponsor LeBron.
“Whatever the kid decides to do, whatever brand he comes with next – if it’s with Nike obviously we would welcome him,” he said.
“I would definitely welcome him.
“I love the kid regardless of what shoes he had on. But we shall see.
“I love the fact that he’s taking control of his s**t.
“I mean, he’s, that’s what’s really, really dope to me.
“Once I saw that story I just seen a kid turning into a man.
“‘This is my career and I’m taking this. I done had enough with – whatever. I done had enough. Whatever. If I’m not going to be successful, I’m not going to be successful on my terms.’ I saw a lot of that. We’ll see.”
LaVar Ball spoke to ESPN about the issue, and threw his support behind his son.
“I’ve always believed in the best in people,” he said.
“Regretfully, I put my complete trust in Alan Foster to manage my son’s business affairs.
“At the end of the day, family comes first, and I support Zo wholeheartedly.
“Together, we will make this right.”
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