Jul 14, 2014, 3:59 PM EDT
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.
Oct 24, 2014, 3:50 PM EDT
Nash was everything we want as a fan in an NBA player.
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Oct 24, 2014, 3:20 PM EDT
Could forward leave the Magic in 2016?
Oct 24, 2014, 2:50 PM EDT
The NBA is full of talent, personality and suspense. During the offseason, It’s easy to forget how wonderful the league can be. So, I’ve assembled 67 Reasons I’m Excited For Next Season (67RIEFNS). They’ll be presented in no particular order. JaVale McGee played just five games last year after injuring his leg. How did we…
Oct 24, 2014, 2:18 PM EDT
Varejao the better choice, but Cleveland should be careful here
Oct 24, 2014, 1:44 PM EDT
Phil Jackson says the triangle is not rocket science.
Oct 24, 2014, 1:07 PM EDT
Pacers center filling huge role after last season’s great start, big collapse
Oct 24, 2014, 12:33 PM EDT
Childress, who played for Pelicans last season, now playing (dirty) in Australia
Oct 24, 2014, 11:55 AM EDT
Are Heat stars too old to succeed without LeBron James?
Oct 24, 2014, 11:15 AM EDT
Paul Pierce, Otto Porter or Martell Webster – all intriguing for different reasons – could become Washington’s starting small forward
Oct 24, 2014, 10:45 AM EDT
Magic guard to have surgery Saturday
Oct 24, 2014, 10:00 AM EDT
All hail the Brow.
Oct 24, 2014, 9:30 AM EDT
Van Gundy downplayed the offense’s impact on a team’s success, and Jackson co-signs.
Oct 24, 2014, 9:00 AM EDT
Four teams and the obvious choice of Cleveland.
Lance Stephenson says Pacers setting deadline to re-sign forced him to look elsewhere in free agency
Oct 24, 2014, 8:30 AM EDT
It’s possible Indiana did this on purpose.
Oct 24, 2014, 8:00 AM EDT
Filmed in his hometown of Akron, Ohio, “Becoming” includes rarely seen footage from LeBron James’ earliest days in sports.
Oct 24, 2014, 1:15 AM EDT
Noel isn’t ready to stop that much power going to the rim yet.
Oct 24, 2014, 12:15 AM EDT
Spurs big man just won’t stop producing great seasons
Oct 23, 2014, 11:00 PM EDT
That’s real artistry by the Heat star
Oct 23, 2014, 10:00 PM EDT
Why is Houston’s general manager downplaying his own team’s success?
Oct 23, 2014, 8:50 PM EDT
Sterling had previously dropped a fraud charge against the NBA.
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