Will the LeBron James Stimulus Be Good for Cleveland?

Will the LeBron James Stimulus Be Good for Cleveland?

Cleveland Cavaliers forward LeBron James waits during the first quarter of the Cavaliers' NBA basketball game against the Cenver Nuggets in Denver on Friday, Nov. 7, 2014. (AP Photo/David Zalubowski)
Cleveland Cavaliers forward LeBron James waits during the first quarter of the Cavaliers’ NBA basketball game against the Cenver Nuggets in Denver on Friday, Nov. 7, 2014. (AP Photo/David Zalubowski)

(New York Times) – When LeBron James announced his return to the Cleveland Cavaliers in July, fans celebrated by hanging banners, getting drunk and digging old jerseys out of purgatory. They ran into the streets, honked horns and hugged strangers. And some of them started trying to figure out just how much money was about to rain down on Cleveland.

According to one estimate, the return of the “king,” as James is known, will add $500 million a year to the city’s economy. “When people say this is just about an athlete making money, there’s more to it than that,” said Edward FitzGerald, the Cuyahoga County executive, at a news conference devoted to the anticipated windfall. “Other people will make a living.”