Lebronomy: Economic Impact of the Return of NBA Great LeBron James

A ticket to the Cleveland Cavalier's season opener used to go for $40, now goes for as much as $600.
1:49 | 07/12/14

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Transcript for Lebronomy: Economic Impact of the Return of NBA Great LeBron James
And now to Cleveland, where the forecast is for more celebrations, after NBA great Lebron James announced he's returning home. One sign of the enthusiasm? A ticket to the cavaliers season opener used to go for 40 bucks. Tonight, as much as $600. ABC's Linzie Janis is in Cleveland with more on the big turnaround. Reporter: Redemption tonight for Lebron James. Lbj! Lbj! Reporter: Cleveland fans welcoming home with open arms the player they once vilified. King James sending the city into a frenzy. After announcing his return to the Cavs in an emotional online letter about how much his home means to him. And making fans forgive the way he crushed them four years ago when he announced his move to Miami on live television. I'm going to take my talents to south beach. We love you. We forgive you. And let's get some money in this town. Reporter: And the money began flowing immediately. Call it the new lebron-omy. Within eight hours, the cavaliers receiving out of season tickets. We go from selling something that's unsellable, I mean, I can't get my hands on enough tickets to sell. Reporter: Once dubbed "The mistake by the lake," the city of Cleveland lost $50 million a season while Lebron was gone. Local businesses here are now hoping for a reversal of fortune. Downtown Cleveland really thrives on our sports teams. It means that it's going to financially impact everything down here. Reporter: And a newfound pride that comes from being home to the greatest basketball player on Earth. Tonight, this working class city has the one thing that glamorous Miami doesn't. And with the return of the king, they couldn't be happier. Cecilia? Okay, Linzie. Lebron-omy. Thank you.

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

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