While Cavalier fans are over the moon about LeBron James‘ return to the team four-years later, the city of Cleveland could be looking at a huge pay day with King James back in the area.
According to Cuyahoga County executives in a Bloomberg Report, LeBron’s return to the Cleveland Cavaliers will have a $500 million a year impact on the local economy, with a boost from additional ticket sales and other spending.
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.
There will be two things we can see happen almost immediately. The first thing will be adding over 500 new jobs supported by the Cavaliers. Second will be the value of the team increasing, which now sits at $515 million. With James back in the picture the value is expected to clear a number over the billion dollar mark.
Seems LeBron isn’t the only one making millions off his return home.
Your Jersey Girlfriend,