This summer, LeBron James decided to return to the Cleveland Cavaliers.  While having one of the best athletes on the planet will help the team, the most significant impact of his return may not be his play on the basketball court, but the economic benefits that Cleveland will see from increased ticket sales.  According to LeRoy Brooks, LeBron will bring $500 million to the city.  At first glance, that seems like a lot of money, but, in reality, the only major benefit LeBron will bring to his hometown will be a reason to cheer when the Cavs take to the court.  Although businesses will make more money, it will not be the optimistic half-billion Brooks anticipates, because the people who will spend money on Cavs tickets would have spent their money elsewhere.  More realistic estimates hover at about $50 million, 10% of Brooks’s estimate.  Either way, there will be no major influence on the economy as a whole.  The city has a $112 billion dollar economy, so even if LeBron’s return ends up being worth $500 million, it would be worth less than a 0.5% change.  Even though LeBron James will impact the Cleveland’s performance on the court, his influence ends there.

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Sources:

• http://www.usnews.com/opinion/blogs/pat-garofalo/2014/07/15/lebron-james-return-to-cleveland-will-not-boost-economy-by-500-million
• http://time.com/2981583/lebron-james-cleveland-cavs-money/