When LeBron James left the Cavs in 2010 and cost the team a whopping $121 million
Hundreds of Cleveland Cavaliers fans burned LeBron James jerseys in the summer of 2010 when he decided to take his talents to South Beach. The fact that he did it on national TV with millions across the world watching wasn’t lost on Cleveland.
James leaving his hometown team caused angst and even depression as the Cavaliers were bound to suffer on the court. The city and its business interests were also going to take a big hit.
Darren Rovell of ESPN reported the financial impact of the infamous decision:
“James is the most valuable free agent in the history of sports. When he took his talents to Miami and left Cleveland in the summer of 2010, the franchise value, according to Forbes, dropped from $476 million to $355 million in a single year.”
12 years ago today...
LeBron James made “The Decision” to take his talents to South Beach.
The Big 3's impact on Miami's preseason title odds:
+4000 in 2009, +175 in 2010 👑
https://t.co/oJIHL0kyTR
That’s a staggering $121 million depreciation that was surely a big reason why Cavs team owner Dan Gilbert wrote a letter on the team’s website:
“As you now know, our former hero, who grew up in the very region that he deserted this evening, is no longer a Cleveland Cavalier.
“This was announced with a several day, narcissistic, self-promotional build-up culminating with a national TV special of his "decision" unlike anything ever "witnessed" in the history of sports and probably the history of entertainment.
“You simply don't deserve this kind of cowardly betrayal.
“You have given so much and deserve so much more."
Gilbert's coup de grace:
"I PERSONALLY GUARANTEE THAT THE CLEVELAND CAVALIERS WILL WIN AN NBA CHAMPIONSHIP BEFORE THE SELF-TITLED FORMER 'KING' WINS ONE"
When LBJ announced on live TV his decision to join the Heat, the hatred that followed was unlike anything we’ve ever seen before.
Cavs owner Dan Gilbert shared a despicable letter condemning LBJ, and countless James jerseys were burned in the streets. https://t.co/AebrVRJv30
Even non-basketball fans could feel the depths of the anger, frustration, desperation and even venom bursting out of the letter. LeBron James’ impact wasn’t just on the basketball floor where he was a generational talent.
His fingerprints were all over the success-starved city.
Rovell added that downtown Cleveland was so significantly different from the one James saw when he came out of high school in 2003. Once he turned his back on the team that drafted him, the city might never recover from it.
When James lost in 2011 to the Dallas Mavericks in what is considered one of the biggest upsets in NBA Finals history, Cleveland celebrated. Many would say that the city was just as exhilarated as Dallas and pranced around as if the Cavaliers won the championship.
LeBron James’ horrific 2011 Finals, particularly every fourth quarter of every game, only made Miami’s loss even sweeter for Cavaliers fans.
LeBron James left Cleveland in 2018 with almost no animosity from fans
When LeBron James decided to take his talents to Hollywood in 2018, there wasn’t the same kind of pushback from fans. The Cavs’ market value, however, was still expected to dive:
Rovell reported:
“If James left this time around, and a 25 percent drop happened again, the loss at current Forbes values would be more than $300 million.”
“King James” had already delivered a championship to Cleveland, its first in 50 years. He did it against no less than the 73-9 Golden State Warriors by pulling off the biggest turnaround in NBA Finals history. James led the Cavs to the title despite falling behind 3-1 in the series.
4 years ago today: The Warriors take a 3-1 lead on the Cleveland Cavaliers in the 2016 NBA Finals.
The rest is history. https://t.co/jWBZJeSAYD
The four-time MVP carried his team to four straight NBA Finals appearances. Golden State just became too much to overcome when they acquired Kevin Durant to play alongside Steph Curry, Draymond Green and Klay Thompson.
July 1, 2018: LeBron James signs with the Lakers. https://t.co/o0U6b3z2uL
LeBron James’ next step was to build an even bigger legacy by playing for the LA Lakers where he led them to a championship in 2020. If he chooses to close out his GOAT-worthy career by returning to Cleveland, no one will be too surprised.
Also read: On This Day | 'The Decision' by LeBron James and the aftermath