Jul 14, 2014, 3:59 PM EST
The narrative around LeBron James’ return to Cleveland is that of homecoming. That is what he said in his letter and that has resonated not just in Northeast Ohio but nationally (well, not so much in Miami, but everywhere else).
The other side of this is it is a big financial win for Cleveland.
Not just for the Cavaliers — although the value of that franchise just skyrocketed and the amount of sponsor dollars flowing in will become a river — but also for the City of Cleveland. That according to Bloomberg.
The return of the star forward to his hometown Cleveland Cavaliers will have a $500 million a year impact on the local economy, with a boost from additional ticket sales and other spending, County Executive Ed FitzGerald said today….
Based on calculations by the Cuyahoga County Fiscal Office, James’s return will increase the benefit from Cavs games alone to about $268 million. 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.
As fans we always talk about wanting owners to get name players for our selfish reasons — we want to see our teams win. But there are other motivations for them, the NBA is a business and star players such as LeBron James, Kevin Durant and others bring in far, far more money than their max salaries can pay. Superstars are a real value.
And Cleveland just got back the biggest one of all.
Jan 30, 2015, 5:16 PM EST
Thank the new television contract.
Jan 30, 2015, 4:29 PM EST
“So if you see me diving on the floor and people say ‘what is he doing?’ I can’t help but be the player that I am.” —Jimmy Butler on playing in the All-Star Game
Jan 30, 2015, 3:29 PM EST
He should be. He was robbed.
Jan 30, 2015, 2:51 PM EST
I’ll take Stephen Curry
Jan 30, 2015, 2:09 PM EST
NBA Commissioner has delivered on All-Star Break. Back-to-backs next?
Jan 30, 2015, 1:34 PM EST
Who wil start for Kobe?
Jan 30, 2015, 12:49 PM EST
Will center stick with Mavericks this time?
Jan 30, 2015, 12:11 PM EST
Sliding into your DMs like…
Jan 30, 2015, 11:33 AM EST
Kings center waits five years, burns Clay Travis for tweet
Jan 30, 2015, 10:54 AM EST
Vaughn’s firing seems imminent
Jan 30, 2015, 10:13 AM EST
Who are the aWWWWWWWWWWWWWWWWWks?
Jan 30, 2015, 9:34 AM EST
Did anyone think he would get injured and say, “nah, I don’t want to fight through this” and walk away?
Jan 30, 2015, 8:58 AM EST
The Bulls have a great passing front line.
Jan 30, 2015, 8:37 AM EST
Already facing scrutiny, Vaughn oversaw 15-point loss to Bucks last night
Jan 30, 2015, 3:22 AM EST
The bad Bulls showed up in Los Angeles on Thursday.
Jan 30, 2015, 2:48 AM EST
“I really appreciate him coming, I didn’t expect it at all.” —Pau Gasol
Jan 30, 2015, 12:22 AM EST
He’s warming up for All-Star weekend.
Jan 29, 2015, 11:30 PM EST
It didn’t look good.
Jan 29, 2015, 10:45 PM EST
Management is displeased with their underperformance.
Jan 29, 2015, 10:02 PM EST
“Don’t it always seem to go that you don’t know what you’ve got ‘til it’s gone.”
- Jimmy Butler even plans to play defense in the All-Star Game 1
- Damian Lillard “disappointed,” “disrespected” not to make All-Star team 33
- DeMarcus Cousins replaces Kobe Bryant in All-Star game 8
- Tyson Chandler, better than ever, thinking legacy 6
- Report: Magic close to firing Jacque Vaughn 14
- Three Things We Learned in NBA Thursday: The All-Star Rosters need to be expanded 28
- One day after having surgery, Kobe Bryant came to see Pau Gasol 7
- Report: Dwight Howard could miss “extended time” with knee injury 5