Cleveland county exec: LeBron will bring $500 million per year

By James Herbert | NBA writer

LeBron James changes everything for the Cavs.
LeBron James changes everything for the Cavs. (Getty)

More Offseason Analysis: Coaching changes, news | Free Agency | Draft

LeBron James coming back to the Cleveland Cavaliers means a heck of a lot more money for the city, via the Akron Beacon Journal's Mark Niquette:

The return of the star forward to his hometown Cleveland Cavaliers will mean $500 million a year in additional ticket sales and spending, County Executive Ed FitzGerald said today. The 2016 Republican National Convention in the city will bring an additional one-time windfall of $200 million, he said.

Based on calculations by the Cuyahoga County Fiscal Office, James's return will generate $215 million from games alone. Average attendance increased from about 12,000 before James joined the team to about 20,500 during his final season, the county said. Although attendance has slipped, officials expect sold out games next season with James on the court.

Other spending increases will come at restaurants, convention business and hotels, FitzGerald said. Anticipated benefits include a $34 million increase in annual spending by fans at games to $170 million a year plus 500 additional jobs supported by the Cavaliers, the county said.

The Cavs were valued at $515 million by Forbes in January, and the Akron Beacon Journal quoted a venture capitalist saying that they're now a billion-dollar franchise.

Given that James' contract with Cleveland is for two years and $42.1 million, there's a case to be made that he's the NBA's most underpaid player. One can only imagine how much he'd be paid without maximum-contract restrictions and a salary cap.

CBSSports Facebook Google Plus
Conversation powered by Livefyre

nba Video

July 30, 2015
How will the West play out? (2:54)
July 30, 2015
State of the Mavericks
July 29, 2015
2017 NBA Draft preview
July 29, 2015
Mo Ndour


Most Popular Shop

Men's Nike Charcoal Denver Broncos Training Camp Performance T-Shirt

NFL Training Camp Gear
Get your favorite team
Shop Now

Picks and Projections
Get the latest picks and projections sent directly to your inbox!
Thank you for subscribing!
Be on the lookout for the latest picks, lines, projections and analysis in your inbox.