via Getty
CLEVELAND – DECEMBER 9: LeBron James #23 of the Cleveland Cavaliers stands next to his head coach Mike Brown during the game against the Indiana Pacers on December 9, 2006 at The Quicken Loans Arena in Cleveland, Ohio. The Cavaliers won 107-75. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this Photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2006 NBAE (Photo by David Liam Kyle/NBAE via Getty Images)
via Getty
CLEVELAND – DECEMBER 9: LeBron James #23 of the Cleveland Cavaliers stands next to his head coach Mike Brown during the game against the Indiana Pacers on December 9, 2006 at The Quicken Loans Arena in Cleveland, Ohio. The Cavaliers won 107-75. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and/or using this Photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2006 NBAE (Photo by David Liam Kyle/NBAE via Getty Images)
LeBron James is one of the greatest influencers in the modern era NBA. The Los Angles Lakers superstar resonates with the idea of a complete athlete whose influence stands beyond the confinements of a basketball court. Apart from his four NBA championship rings, James established himself as the first active NBA athlete billionaire in 2022. He is one of the highest-paid athletes in the world and has been for a long time.
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James became an icon even before he made it to the NBA. Nike signed LeBron James?at the age of 18 with a seven-year deal, surprisingly worth $90 million. On the court, James became the first overall pick by the Cleveland Cavaliers straight out of high school in the 2003 NBA Draft.
The 18-time All-Star delivered quickly and became the Rookie of the Year in 2004, averaging 20.9 points, 5.5 rebounds, and 5.9 assists per game. He was an invaluable asset for Cleveland on and off the court until 2010. However, an infamous decision from LeBron James dropped a $121 million hammer on the Cleveland Cavaliers.
LeBron James made a career-transforming move in 2010
The four-time Finals MVP averaged above 25 points every year after his rookie season until the 2009-10 season. However, the Cavs reached the finals only once during the 2006-07 season. Unfortunately, the Cavs lost the finals, despite James averaging 27.3 points per game that season. Thus, in search of a championship, LeBron James took a courageous decision to leave Cleveland and move to the Miami Heat in 2010.
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Surprisingly, the Cavs did not even make it to the playoffs once until James returned to the franchise in 2014. His influence off the court cost the Cleveland Cavaliers big. As per Forbes, when James decided to move to Miami and leave Cleveland, the Cavs franchise value “dropped from $476 million to $355 million in a single year.”
What caused Cleveland Cavaliers to lose $121 million?
Apart from his invaluable contribution on the court, LeBron James played a major role in letting the world know about Cleveland. He helped in building the city and making it hospitable for visitors. As per Joe Roman, President, and CEO of Greater Cleveland Partnership, “In the first seven years LeBron was here, he gave business people the confidence to double down and invest.”
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Therefore, LeBron James’ decision to leave Cleveland cost them a lot of money. In addition, Forbes estimated the franchise value drop to be more than $300 million.
