LeBron's return to Cleveland can not be overstated. The Cavaliers have shot up to 3:1 odds to win the NBA Title, every game will undoubtedly be sold out, and the Cavaliers merchandise revenue will be through the roof. On top of all the basketball related benefits that LeBron brings, he is also worth an estimated $500 million to the city of Cleveland.
The Bloomberg News reports;
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, County Executive Ed 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.
Forbes in January valued the Cavaliers at $515 million, 19th in the league. James makes the Cleveland Cavaliers a billion-dollar franchise, Peter Schwartz, managing director of venture capital at Boston-based Christie & Associates LLC, has said.
There you have it. LeBron James turns the Cavaliers into a billion dollar franchise. A team in Cleveland- worth $1 billion green backs. $215 million from Cavaliers games alone, 500 additional jobs, and boosts in all the surrounding businesses including restaurants and hotels. What a huge turn of events for the folks in Northeast Ohio.