LeBron James is the biggest mover and shaker in the NBA today, and his presence is being felt in the pocket of every entity that seeks to make money-doing business with the NBA.
CNBC investigated James’ business impact on the Cavs, the Heat and the NBA as a whole. James’ return to Cleveland has shifted the business and economic outlook for all parties involved. The Cavs sold out of season tickets within 24 hours of the decision 2.0, Cleveland is the epicentre of the NBA again, and the secondary market has seen an increase in good business. The Cavs and Heat have both been affected, with Miami still being considered a prime attraction for ticket buyers.
The average price of ticket for Heat games is only down $15.
The Cavs did not raise season-ticket prices, and the average price for individual game tickets remains the same as the prime time games from last season.
“We have been very conscious to treat our fans with the same degree of respect and integrity as when we were in our rebuilding mode,” he said.
In the secondary ticket market, prices are rising across at every level. For Stubhub, Cavs transactions are up 4,150, with an average ticket price of $184—almost $100 more than last season. The Heat of course, are seeing the opposite effect: Ticket prices there have fallen about $15 from last year.
On TiqIQ, the current average price for a Cavs game is $421, the highest price in the NBA and more than a 250 percent increase since the beginning of last year.
Business will be good in Cleveland for a very long time with LeBron James and mentee, Johnny Manziel in town. It will also be interesting to see just how much of that new business and hike in ticket prices is related to Kevin Love as well.