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Did LeBron’s Return to Cleveland Make Usher $1 Million?

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Image Courtesy RCA/SaccentiOn Thursday, July 10, the day before LeBron James announced that he would be returning to the Cleveland Cavlaliers, Usher mounted a Twitter campaign urging the superstar to come back, comparing him to the likes of Barack Obama, Mario Lemieux and Steve Jobs.  Whether or not that campaign did the trick, LeBron’s return to Cleveland will certainly be good for Usher, in fact, it may have made him $1 million overnight.

That’s because, as Forbes reports, Usher purchased a small stake in the Cleveland Cavaliers in 2005.  That year Forbes estimated that Usher paid $9 million for a share of the Cavs around the time principal owner Dan Gilbert acquired the majority of the team for $375 million. It’s unclear how much of a share of the team Usher has, but Forbes estimates that it could be around one percent.  By the magazine’s calculations, LeBron’s return boosted the value of the team by at least $100 million. That means the move bumped the value of Usher’s stake by around $1 million overnight.

Usher told Forbes in 2005, “Now I just want to be a great businessman.”  Mission accomplished.


Copyright 2014 ABC News Radio


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