Transcript for Welcome Home LeBron James
-- -- Cleveland is rocket at -- tonight the prodigal son is back. The -- James really today that he will sign a new contract with the cavaliers team he dropped so memorably. For years and one day ago everyone I'm Dan Butler in New York uncommon -- LeBron James in his own words. And -- was out four seasons spent exercising his talents in Miami Beach so with more on the decision 2.0. -- and ABC's Karen track scared. Good afternoon -- quite a different reaction today in Cleveland compared to four years ago when LeBron James said Seale later this was unbelievable people we're celebrating in the streets. Bringing out their old LeBron james' jerseys assuming they hadn't already burned -- like so many bands did in 2010. -- wrote a very genuine and very personal essay that ran in Sports Illustrated today that's where he announced his decision and in that essay he said. He didn't realize four years ago that his relationship -- northeast Ohio was more than just basketball. And he says now he does. LeBron James is taking his talents. Back to Cleveland on coming home says LeBron James sustainable high handedness -- of euphoria. Their prodigal son returning. I feel ecstatic the king it's coming home few signs of any lingering bitterness after this infamous statement in 2010. It broke Cleveland's heart. In -- -- -- my -- dissolve -- fans burned their cavalier jerseys and swirl of Ron would never be welcome in Cleveland began. But that was -- -- is now cavaliers owner Dan Gilbert who called the rocket powered four years ago when he -- tweeted this. And fans are scrambling snap up his T shirt. When number declared himself a free agent last month it set off a flurry of speculation that he would leave Miami and head back home. It was a major decision LeBron won two NBA titles in four seasons with Miami. And the heat were in a strong position offer him the longest and most lucrative contract. But in -- first person piece in Sports Illustrated LeBron said my relationship with northeast Ohio is bigger than basketball. -- realize that four years ago I do now. He wants kids in northeast Ohio to appreciate where they're from. And put down roots there like him come back home. Contribute to the community. This is the cover of Saturday's Cleveland plain dealer one word says it all home. Dan this is a pretty amazing statistic Cleveland has not won a professional sports championship in fifty years yes fifty years. LeBron James said today he's not promising an NBA title but Dan I don't think that's gonna rain on Cleveland's parade. Those fans are just happy to have him back. This that's our little ugly but there is a silver line obviously coming their way as you know -- no promises being made but what about the talent around the -- talent and that promising group. That was the key for LeBron James you know in the Miami Heat were able -- him a lot of money but he said he needed more talent around ten. He knew that as the pieces were job at a Miami he was gonna lose some of his -- there that he played with and won two champions that ships with including Chris Bosh and potentially Dwayne -- He said all the teams he was talking to you need show me where have young talent we're gonna bring in some guys that I could potentially win a championship with. In that letter today he mentioned -- Irving mentioned a couple other young players who he said. This is what -- that I can be a mentor to -- he knew he is the old head as he called it on that team but he's hoping that his years of experience are gonna help bring those guys along. He's saying look we cannot do this next year let's -- ramp down expectations just a little bit but I don't think -- but he agreement is actually thinking that. They just want him back if it's -- -- sit next year maybe it's in 2016. Or beyond. They are definitely thinking this is their chance to break that. Epic fifty year drought -- Hurts every time you say that that -- -- terrorism washing with expertise unparalleled -- you have a great weekend thanks to. We're joined now by ESPN has -- ABC's -- rebel for the economic angle of all of this is Derek. King James he's found a court now so do we know that -- What his move back to Cleveland is going to be costing the folks at Cleveland with. Well well you know economic -- -- economists might say that they're just gonna shift their money to where they previously expected to. The area where the arena is the -- to Quicken Loans Arena people trying to get tickets -- BC feverishly today. In the couple minutes after around 12:30 eastern time. The -- phone lines were were basically down for a while they've tried to get more lines they've increased had how much yet to spend. For your season ticket deposit from 200 dollar proceed to -- flat 500 dollars and that's just to get a call back. We know that Ford did Gilbert the owner of the cavaliers the cavaliers themselves -- the economy for them is going to be great the question is what's gonna happen in the bars and everything around will be Cleveland economy actually get a -- from this book and that is the big question all that its interest -- up from 205 -- to get the call back on their primaries -- so so I'll clarify is -- -- kind of agency -- 200 dollar -- seats -- get two seats would be 400 dollars. Now they're saying in order to call you back we gotta have 500 bucks so if you're if you got four seats you're actually saving money because in the -- -- way you would contain 800 dollars but. But yet there's now that. Threshold for the -- weakly back now is this going to be an across the board increase in ticket prices -- they say they are not increasing ticket prices which I give a lot of credit for me. Clearly if there ticket prices went up. That's an automatic way of increasing revenue. At about 171000 fans a game and I think some of them probably given away. In those tickets last year obviously not the greatest attraction in town without LeBron. Now they of one of the biggest arena is in the NBA almost 21000. Seats in there they have plenty of tickets to sell. It's obviously the opportunity to make money is being I will say that -- Gilbert not only owns. The cavaliers. He is they. And he owns -- seats which is the company that the technology company. That that makes the tickets so I mean this guy is in a position to cash in these ultimately made millions and millions of dollars are ready. He is mr. Cleveland digits of a difference or not want to talk about a you know what little surprise that the bronze number has not been confirmed yet. What are we -- it easier to go back to 23 isn't getting getting -- six lot of rumors lot of. Rumors there is a rumor about thirty to -- and I -- Magic Johnson type number. We don't know yet. Technically he's not signs yet so there's no jerseys to be -- yet but I assume there will be. I've been told by the NBA that they'll be pre orders available may -- not having number on it the only hint is that on LeBron James dot com. It -- get any graphic designer do what you want he is in -- Cleveland Jersey and number six so. I'm not sure he's you know back to 123 the jerseys are a little bit different so for those who didn't burn their jerseys. You're not really wearing the same type of Jersey if you have the Jersey from four years ago and of. -- haven't taken now it now we might be vintage and might actually be worth. Are right. I think so that the thing is that his endorsement deals which is huge money -- -- it and they seem to regain some value Nike stock shooting up today on the news. The bottom line is though is are there any -- in the NBA right now that is more influential than LeBron. Absolutely not I mean -- LeBron James is -- just look at the fortunes in Vegas and how that shifted. You know just weeks ago. Vegas was had sixty to one odds on the -- to win. The NBA title the heat where that we're the favorites now the -- at fifty to 100 to one in the cabs are the favorites. At 3214 to one there is no one in the NBA who is able to shift the fortunes and as LeBron James is. There's no -- in sports really. Because when you think about in the NBA you have much more control. Over what you can do there's only five players on the court if you -- -- superstar who can control the game like LeBron James. He he can win for you automatically. In football you that Tom Brady if he doesn't have someone to throw to -- and have a good offensive line you're really not gonna make it to the Super Bowl so the NBA the -- -- works provides for a guy like LeBron James. To have more power and certainly I would argue he's the most powerful athlete. On the floor terms and influencing the game. Which is why there's a lot of smiling faces in Cleveland today ABC and ESPN's thereabouts -- thanks so much -- -- appreciate that it. So switching from New York chew this -- this is Akron Ohio that is the estate of LeBron James. Soon to be making more appearances -- -- much more frequent basis after he made that big decision that will be leaving Miami. Making his way north to his home. You can keep up with the latest you know LeBron in real time by -- ABC news story -- -- updates on the go. For now. -- -- -- -- --
This transcript has been automatically generated and may not be 100% accurate.