According to Country Executive Ed FitzGerald via a report by Bloomberg, LeBron James’ return to the Cleveland Cavaliers could have an impact of $500 million on the city’s economy with direct and indirect spending. Ticket sales and outside expenditures by fans and those belonging to the Cleveland community will play the dominant role in how much money will be funneled into the community because of The King’s return.
It is expected that LeBron James will increase the earnings from Cavs games to $268 million and that fans will spend up to $170 million at games annually. His return is also expected to add 500 additional jobs supported by the Cavaliers. The value of the team — at $515 million now — is expected to leap to a billion dollars with the return of James.
LeBron was also recently named the second most powerful celebrity in the world by Forbes. Beyoncé was the only celebrity to be ranked in front of James. With endorsements and earnings combined, LeBron James is worth around $72 million.
One of the biggest winners from LeBron James returning to the Cavaliers will be the economy. With additions like the Dan Gilbert-owned Horseshoe Casino and the recent announcement that the Republican Party Convention will be coming to Cleveland in 2016, the city will also be making $200 million by hosting the event. Although the Cavs and LeBron James aren’t doing any winning yet, it’s still great to see the positive effects that LeBron is already having on the city. Spirits are high, and this city will be on the rise again with sellout games coming to Quicken Loans Arena. The fans and citizens of Cleveland are already reaping in the benefits and will continue to do so once the team takes the court in the fall.
The Letter has provided motivation for a lot of Cleveland fans, even though LeBron didn’t promise anything. The Cavs nation is just excited to have things trending upward in most aspects in the city that has suffered through a lot of sports infamy.