It’s official: LeBron agrees to three-year deal

Rumors have been swirling about LeBron almost on a daily basis since the season ended about his future with the Cavaliers. Will he bolt to the larger market teams? Then came the discussion recently about whether he was going to sign a five-year or three-year extension with the Cavaliers. Wednesday marks the first day players can officially sign new contracts and all the speculation about what LeBron was going to do came to an end. James officially agreed to a three-year, $60 million contract extension with the Cavs with an option for a fourth year. The shorter contract turns out to be more beneficial for James, who can actually earn more dollars under the new deal. After his new contract is up, LeBron will become an unrestricted free agent and can earn a greater percentage of the team’s salary cap with his next deal.

In an interview with LeBron, his agent Leon Rose, and GM Danny Ferry, Cavs.com takes a look at what transpired with the whole extension process and what lies ahead for LeBron and the Cavs.

Why the three-year deal?

James: If I didnít believe in this team and this organization and the direction that we’re headed, I wouldn’t have signed the extension. I’m extremely happy here and excited to win a championship here. We did extensive research and with the way the C.B.A. (Collective Bargaining Agreement) is set up, it makes the most business sense to sign this extension and then look at another new contract in four years.

Rose: In the end, this works out very well for him and puts him in a position to accomplish all of his goals, both on the court and off…They (the Cavaliers) really look at their relationship with LeBron as a partnership and understand that helping LeBron maximize his opportunities only helps them as well. So you could say it worked well for everyone.

How LeBron’s signing will affect potential free-agent signings:

Ferry: His signing shows his confidence in winning championships here in Cleveland. That certainly shows our current guys and the entire league that we all believe Cleveland is a place that will get it done.

What LeBron’s new deal means for the franchise:

Ferry: should be a tremendous moment of pride for our entire region and state considering the positive impact LeBron has had thus far and will continue to have. Few things or people in life have the ability to raise the spirit of a community like LeBron does here. It is very rare and we are very fortunate to experience it.

This truly is a historic day for the city. Having an athlete and a person like LeBron call Cleveland home is a once in a lifetime opportunity. For years we have seen other athletes from different cities ascend to greatness and now we have the chance to witness LeBron’s greatness right in front of our eyes for years to come. He is a unique talent, something the city hasn’t seen since Jim Brown.

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