With LeBron James re-signing with the Cavaliers, the team for the '16-17 NBA season will be faced with a luxury-tax bill over $30M, but Owner Dan Gilbert "can afford it," as the franchise is "recouping its expenses via a packed arena, extended playoff runs, the league's top selling merchandise" and new sponsorships, according to Kevin Kleps of CRAIN'S CLEVELAND BUSINESS. If the team re-signs G J.R. Smith, it will spend about $160M on player salaries this season. The Cavs also have "increased their season-ticket cap" and will now "have 15,000 season-ticket holders" in '16-17, up from 14,500 last season. A team source said that the increase "came from a combination of full and partial ticket packages to accommodate demand." The team also has "increased its average ticket cost by about 15% for the second straight year" (CRAIN'S CLEVELAND BUSINESS, 8/15 issue).
BOBBLE BABY: Kleps noted the demand for Cavaliers championship memorabilia is "extending to the bobblehead industry." The National Bobblehead HOF and Museum "introduced a collection of championship bobbleheads" starting at $35, $40 or $50 depending on the model. National Bobblehead HOF Founder & CEO Phil Sklar said the response to the collection has been "overwhelming." He added that the bobbleheads that were released after NBA Finals Game 7 against the Warriors "sold for more than any previous championship series" (CRAINSCLEVELAND.com 8/16).
KING'S DOMINION : James yesterday held his eponymous foundation's "We Are Family" reunion at Cedar Point amusement park, which hosted about 5,000 students to "reinforce his message of community building." At last year's event James and then-Univ. of Akron President Scott Scarborough announced scholarships beginning in '21 for any student who "graduates from both James' mentoring program and Akron Public schools." The scholarships "will be paid for by the university." The event was "more a celebration of not only the mission and the progress to date." James' program has now "swelled to more than 1,200 Akron Public Schools children in grades three through eight," and about 220 third graders enrolled this year. The students often "receive personal correspondence from James, encouraging them to not only attend school, but to do well" (Cleveland PLAIN DEALER, 8/17). James said, "I believe that in order for us to ultimately be as great as we can be as a nation that all of us have to go back into our communities and lend our hand. It starts brick by brick. It starts person by person. Family by family. Kid by kid." James' foundation is now in its sixth year (ESPNCLEVELAND.com, 8/16)
