LeBron James' Return to Cleveland May Have Huge Economic Impact

The major Ohio city anticipates a big boost from the return of the popular NBA star.
5:41 | 07/12/14

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Transcript for LeBron James' Return to Cleveland May Have Huge Economic Impact
We'll turn now to the king, Lebron James, that is, returning to the throne he left in Cleveland four years ago for south beach. All seems to be forgiven if not completely forgotten. The city is going crazy in anticipation and ABC's Linzie Janis is there. Good morning. Good morning, I suspect a lot of people are waking up this morning with headaches. They were partying into the wee hours, so many of them touched by that very heartfelt letter written by Lebron James announcing his intentions to come home to the state where he grew up and where he started his incredible career 11 years ago. Reporter: Cleveland fans rejoice. As the city's prodigal son announces his return. In a letter entitled "I'm coming home" on "Sports illustrated."com, Lebron James catching so many off guard. 2.5 million reacting to the stunning news on Twitter within just two hours. I feel he static. The king is coming home. It's a great day. Reporter: The two-time NBA champ saying he now realizes his relationship with northeast Ohio is bigger than basketball. And he wishes he'd handled his move to the Miami heat differently. The decision infamously delivered on live TV. I'm going to take my time to join them. Reporter: Leaving fans here feeling bitter and betrayed. Reporter: Cavs owner Daniel Gilbert calling James a coward and some fans even setting fire to their Jerseys. But in a symbolic gesture those very same fans raising king James' Jersey from a pile of ashes. Welcome home, welcome home. Reporter: Gilbert tweeting about his son's reaction. Daddy, does this mean I can finally wear my Lebron Jersey again? Yes, it does, son, yes, it does. The Cavs new head coach too. Excite many. Exhilaration. And now I'm coaching the best player in the world. Reporter: Everyone, it seems is ready to forgive but most of all to win. Going to win us a championship and that's all that matters. Reporter: James admitting a championship won't be easy but in northwest Ohio, he says, nothing is given, everything is earned. He's coming back to Cleveland. That was the best part of it. Reporter: Here it is that very quote from Lebron James on the cover of "The plain dealer in cleft" in northeast Ohio, nothing is given, everything is earned. Lebron James is serious about winning here. He said there would be no press conference and no matter but, Dan, I can tell you where he is in this weekend, in Brazil watching the world cup. He may be doing partying there. Cleveland has been on a huge roll. Just this week they landed the 2016 republican national convention and Lebron James is now transforming the city once called the mistake by the lake into the epicenter of the basketball universe and that means big bucks for both the team and the city. And ESPN's Darren Rovell is here with that part of the story. The dream becoming the reality. Lebron James coming home and clevelander couldn't wait to say, just take my money. He's back! Reporter: Landing the best player in the league immediately jump-starting Cleveland's economy. Of course, or should we say lebronomy. So many fans calling the cavaliers ticket line that the team had to reroute other lines to devote to selling tickets and at around 8:30 P.M. Last night, some eight hours after James announced Eldon back, the cavaliers confirmed they had sold out of season tickets. Last year, roughly 20% of the Cavs' tickets went unsold. We go from selling something that's unsellable to I can't get my hands on enough tickets. Reporter: Cleveland ticket broker mark clang finding it hard to fathom how much one man has changed what he sellsovernight. Without Lebron James, a $40 ticket for the home opener versus with Lebron James going to sell for $500 to $600. Reporter: Cleveland t-shirt maker fresh brewed tees had trouble keeping up for the demand for the forgiven shirts which cubty statutes the got G" for 6. We've sold thousands and the excitement is insane. Reporter: The prospect of business picking up matching the days when James last played in Cleveland had folks at the winky lizard tavern excited? Great year for Cleveland and downtown especially. Sounds like a fun place, the winking lizard. They said he's injegging money into the economy and say that's a bit overstated many, many say they're shifting money from, hey, you're at a bar in the suburbs and bar at the arena. Lebron won't make it into economic textbook. Dan Gilbert is making a lot of money, the owner of the kavsz. And his son is very happy he can wear his Jersey. The other pressing question, will he keep 23 or is he going to keep 6? With the heat he was 6 and, of course, with the Cavs he was 23. The NBA says the contract has to be signed and submitted to the league. We think that's going to happen today. They're preselling the Jerseys right now with 00 but they say if you buy it now it'll come with the number that he eventually chooses. References contracts, what did you say $85 million. If it's a four-year deal it would be $85 million. Our regards to the winking lizard. Yes. All right, we turn overseas.

This transcript has been automatically generated and may not be 100% accurate.

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