Lebron says he would play for Europe for 50 mill

[JSD]

Source: LeBron would consider European offer of $50 million a year or more
By Chris Broussard
ESPN The Magazine
(Archive)
Updated: August 5, 2008, 6:08 PM ET
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Jay-Z and the New Jersey Nets? Mike D'Antoni and the New York Knicks?

Heck, the Cleveland Cavaliers' strongest competition for LeBron James' long-term services could be the deep-pocketed new kid on the block -- Europe.




James
A person close to James said Tuesday that the Cavaliers' superstar would strongly consider playing overseas if he was offered a salary of "around $50 million a year."

James' current contract expires after the 2009-10 season, and while several NBA teams are working to create salary cap space for his impending free agency, none could offer a contract beginning at even $20 million a year.

The Russian team CSKA Moscow and the Greek team Olympiacos, which recently gave Josh Childress a contract approaching $30 million over three years, have already contacted James, according to the person close to him. The person added, however, that no monetary or contractual discussions have taken place.

While $50 million a year seems outlandish, it is within the realm of possibility, considering the $250 million contract David Beckham received two years ago to join the MLS, the $33 million Michael Jordan was paid by the Chicago Bulls in 1997-1998, the strength of the euro in comparison to the dollar, and the fact that European clubs are not bound by a salary cap.

While several NBA players have left the league this summer for more lucrative contracts in Europe, no stars have done so -- or even considered it. Joel Litvin, the NBA's president of league and basketball operations, said the league is not concerned about this developing trend.

"I don't want to say it's much ado about nothing, but we think it's overblown a bit," Litvin said. "It's not something we're losing sleep over. "

But losing a player of James's magnitude would be nothing short of a nightmare for the NBA.

"For the most part, the league considers the players to be fungible products," an official from the Players Association said. "But LeBron is one of the three or four players the league would definitely hate to lose. If a team lost him or Kobe [Bryant] to Europe, it would lose its mind. It would be devastating."

But both Litvin and the Players Association official said they don't foresee anything -- even the loss of a superstar -- leading the NBA to eliminate the salary cap and thereby compete financially with the European teams.

"It would be disappointing to lose one of our star players, but I have no concern at all about the best players playing anywhere but in the NBA for a long time to come," Litvin said. "I'd be surprised if one of our top players chose to go to Europe but if it did happen, there are many players who would step up and fill the void."

The source close to James said he would only play in Europe for a year or two before returning to the NBA. He said James would view it as an opportunity to popularize the game and himself overseas. He added that James would not consider himself to be playing in the "minor leagues."

"Not at all," the person said. "He believes those guys are pros also."

The entire scenario falls in line with James's stated goals of becoming a billionaire and "global icon." But the representative from the Players Association will have to see James in a European uniform before he believes it.

"First of all, we don't know that there's going to be a $50 million offer," the official said. "And secondly, he wouldn't be able to accomplish over there the things that he wants to do over here, which are to win NBA championships, MVP awards, etc..."

But he would be filthy rich and a global icon.


Link: Source: http://sports.espn.go.com/nba/news/story?id=3520860

[Fastbreak]

Of course he'd take the money...for a couple of years...he could come back to the U.S. and buy a team..just think of his Nike International contract...$$$

[Ersatz]

The players' union needs to do something about the salary cap. It's not working out for them, and it could start killing the league.

[Bankshot]

I remember a few years back Lebon saying something on the lines of wanting to be the richest athlete ever.  Why he's not satisfied with just being rich, I don't know.

[JSD]

I remember a few years back Lebon saying something on the lines of wanting to be the richest athlete ever.  Why he's not satisfied with just being rich, I don't know.

If this happens I will be officially worried about the NBA. I think the CBA would need to be thrown out the window.

[kw10]

Just a thought.
I'm sure his endorsement with Nike worths a lllooootttt. So will that reduce in millions if he goes to Europe, and subsequently, getting the 50Mil might only be slightly better (like by 1 mil or 2....yes that's a lot of money to me....but little to hiim I'm  sure) thus he'd choose to stay in US?

[Fan from VT]

The players would love to eliminate the cap. They're not the ones keeping it in place, the owners are. They're not going to budge until it affects their earnings; they could care less who goes abroad as long as they continue to turn profit. However, if enough marquee players did go to europe, enough fans might leave which would decrease revenue which would force owners to reexamine the cap. I think the NBA should look at removing the cap and contracting the 4 teams that have a hardest time being profitable, maybe still maintaining some sort of increased luxury tax in the process.

[hpantazo]

Just a thought.
I'm sure his endorsement with Nike worths a lllooootttt. So will that reduce in millions if he goes to Europe, and subsequently, getting the 50Mil might only be slightly better (like by 1 mil or 2....yes that's a lot of money to me....but little to hiim I'm  sure) thus he'd choose to stay in US?

why would it reduce at all? they buy a lot of sneakers in europe too, and he may be even more valuable as a marketing tool.

[libermaniac]

I also read that the taxes on a European contract are minor compared to a US salary.  So, with that in mind, $50MM from Europe would be about 4 times a $20MM from an NBA team in terms of take-home pay.  Hell yes, he'll consider it.

[wdleehi]

I imagine his sponsors get together and match the money difference between NBA and a foreign team in addition to what they are already paying him.

[JSD]

The players would love to eliminate the cap. They're not the ones keeping it in place, the owners are. They're not going to budge until it affects their earnings; they could care less who goes abroad as long as they continue to turn profit. However, if enough marquee players did go to europe, enough fans might leave which would decrease revenue which would force owners to reexamine the cap. I think the NBA should look at removing the cap and contracting the 4 teams that have a hardest time being profitable, maybe still maintaining some sort of increased luxury tax in the process.

Yes I agree. This is what MLB does. The luxury tax will go into revenue sharing and maybe the NBA can implement a minimum salary. The Marlins payroll (21 million) is a disgrace to professional sports

[JSD]

I also read that the taxes on a European contract are minor compared to a US salary.  So, with that in mind, $50MM from Europe would be about 4 times a $20MM from an NBA team in terms of take-home pay.  Hell yes, he'll consider it.

and lets not forget about the Euro dollar compared to the US dollar.

[wdleehi]

Anyone think this is a ploy to get the NBA to change the salary cap?

[JSD]

* August 6th 2008

Euro = 1
US = 1.5437

if my arithmetic is correct, that means the Euro contract would be equivalent to 75 million.



* http://finance.yahoo.com/currency/convert?amt=1&from=EUR&to=USD&submit=Convert

[JSD]

Actually I think

66.6 million USD