LeBron James’ Lakers Move Caused A Hefty $48 Million Blow To Cleveland’s Economy, As Per NBA Analysts

Where LeBron James goes, the dollars follow. It’s not a new phenomenon, of course. But the depth of Bron’s effect on an economy is mind-blowing! And there is no one better than his very own Cleveland to tell the story. To give you a very simple example, when James took his talents to Miami in 2010, the Cavs franchise value saw a significant drop. More specifically, an organization that was valued at $476 million decreased to $355 million in a single year, according to Forbes.

Professional athletes aren’t just that anymore. They are a brand unto themselves. They have a certain monetary value attached to them. Hence, anything and everything to do with them ends up having a major price on them. So when LeBron James, the ‘kid from Akron,’ the ‘Chosen One’ was drafted by the Cavaliers, Cleveland suddenly became the most popular destination. Not just for basketball fans, but for businesses, entrepreneurs, and investors.

And this was why James’ move would cause an incline in the graph of his destination and vice versa in the place of his departure. Ex-NBA star Jeff Teague and his Club 520 Podcast crew touched on the subject briefly as they were discussing the King’s retirement. DJ Wells seemed to be in awe as he said, “He definitely shifted that City for sure.”

But his co-host, Brandon Hendricks, took a more direct route to express his shock at the LeBron effect in Cleveland. “Him leaving and destroying their entire economy downtown is crazy!”

Although the other two simply flew over Hendricks’ statement, what he said has a much far-reaching effect. For starters, Cleveland.com had reported that downtown businesses could lose as much as $48 million when the ‘Akron Hammer’ moved to the Lakers. But it wasn’t just one aspect of the economy that took a hit.

The LeBron James effect extends far

Cleveland definitely survived the economic slump that was left in the wake of LeBron’s leaving. Yet, if we were to go into every minute detail, you might also echo Buzz Lightyear’s catchphrase. But we will just go through a few quick ones for now.

• In 2015, visitors to Cleveland spent $5.4 billion. In this, $1.3 billion was on food and beverages alone. (according to Destination Cleveland)
• The number of bars and restaurants during Bron’s initial time with the Cavs rose to more than 190 in 2009. By the time he returned to Cleveland in 2014, there were about 164 establishments. But by the coming year, the figure would rise to 210.
• The above-mentioned franchise value also saw a cross to the billion-dollar club during its championship season. By 2018, the franchise was valued at $1.3 billion.

These are just a few examples. But you get the idea. LeBron James’s effect on the economy can in no way be undermined or viewed as lesser than the significance it holds. What do you think the condition of LA be if he were to leave the Lakers after this season? Of course, Los Angeles is not Cleveland, but the ‘City of Angels’ is bound to take a hit.