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Legal View with Ashleigh Banfield

LeBron Going to Cleveland

Aired July 11, 2014 - 12:30   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

MARTIN SAVIDGE, CNN CORRESPONDENT (via telephone): No, I'm standing outside of the Q, which is of course now the new home to LeBron James, and the news is only just now starting to filter out. You know, it's a noontime crowd, so people are really just a couple of streets away, but you're already starting to hear some horns honking, sports radio has just started.

So word is really sinking in. We're anticipating they're going to be crowds showing up at LeBron's home down there in the Akron area. Crowds of course showing up at the Q. They are just going to be thrilled. Because it's been quite a remarkable week for the city of Cleveland.

ASHLEIGH BANFIELD, CNN ANCHOR: So, do you know about this, Martin, this "Sports Illustrated" piece that he wrote according to -- it's by LeBron James as told to "Sports Illustrated" where he makes his announcement in a multipage letter.

"Before anyone cared where I would play basketball, I was a kid from northwest Ohio," waxing poetic about Ohio, saying "I'm coming home."

SAVIDGE (via telephone): I've heard it. They're reading it on the radio right now. That's why I think a lot people are still absorbing it.

That letter is quite philosophical. It gets to the point that Clevelanders had felt. They know they love their city. They also know it's a great place to raise a family. I know that because I did that here.

And so that is really what apparently resonated the most with LeBron James at this time. Of course, it's the team. Of course, it's the championship. But it's family. That's what people in northeast Ohio would say, that's what it's really all about.

BANFIELD: I just want to hold this up. This is the picture in the "Sports Illustrated" article, letter, dictated letter, from LeBron James. You can see it pretty clearly. It's a picture of LeBron with a very telling caption saying, "I'm coming home."

Rachel Nichols, are you on the line, host of -- hold on one second, I think our host of "UNGUARDED" -- spill it, lady. How did this whole thing get written in "Sports Illustrated" and the news didn't get up before now?

RACHEL NICHOLS, CNN HOST, "UNGUARDED" (via telephone): How did this whole thing --

BANFIELD: Yeah.

NICHOLS: I didn't hear your question, Ash.

BANFIELD: Well, I'm looking at this big sort of in-depth letter that was written with the help of "Sports Illustrated" and it's being posted.

Nothing leaked? Nothing got out before now?

NICHOLS (via telephone): Well, this is, you know, this is a very carefully orchestrated, you know, free agency period.

I talked to LeBron a lot about how he was going to handle this week, these last couple of weeks. And he says that he's learned from his mistakes last time, that he wanted to take some time to consider all options, that there wasn't going to be a lot of leaks from the camp or a lot of different things people would say, that he wanted to keep it all close to the vest with him.

He wanted to take the time to consider what was best for him and his family, and in the end, as you saw in that letter, as we've heard him say at times over the past few years, he has such strong ties to his hometown.

He has such strong ties to the community of Akron. He married his high school sweetheart. They still live there in the off-season. His mom still lives there. So this is important to him.

And the big questions that he had to figure out were, could he win there? And that was part of all this. Could he play for the owner that he had such problems before? And how would he feel leaving his teammates in Miami, who he had grown so close with?

And he was able to work through all of that in the last week.

BANFIELD: I'm glad you said that. I just wanted -- if I could be indulged for a moment -- to read a portion of what LeBron has -- again, it's dictated to Lee Jenkins, but these are LeBron's words in this letter. I'm just going to hold it up again, the big headline, "I'm coming home," in "Sports Illustrated."

"Before anyone ever cared where I would play basketball, I was a kid from northeast Ohio. It's where I walked. It's where I ran. It's where I cried. It's where I bled. It holds a special place in my heart.

"People there have seen me grow up. I sometimes feel like I'm their son. Their passion can be overwhelming, but it drives me. I want to give them hope when I can. I want to inspire them when I can.

"My relationship with northeast Ohio is bigger than basketball. I didn't realize that four years ago. I do now."

You know what, Rachel? You just mentioned that the hardest thing about leaving Miami would be leaving his friends. He actually addressed that. He said, "I went to Miami because of D-Wade" -- that's Dwayne Wade -- "and C.B." -- Chris Bosh. "We made sacrifices to keep U.D. I loved becoming a big bro to Rio. I believed we could do something magical. And that's exactly what we did. The hardest thing to leave is what I built with those guys."

Rachel, does this mean a possible championship for Cleveland, and what does it mean for the Heat that he leaves behind?

NICHOLS (via telephone): Yeah, I mean, look, that's certainly LeBron's hope, right? Above all, as much as he loves (inaudible), as he said, he grew up there, he bled there.

There's no way he would be going if he didn't think they could win, and they have a very talented young core. They sort of told him, hey, we can bring back some of your old teammates you don't have anymore and who you really like, so that's part of the allure as well.

There's still trying to make a trade for Kevin Love, another great player. He thinks he can win in Ohio.

Now, what does that mean for the Heat? Chris Bosh is expected, now, since LeBron is leaving, very seriously consider, and maybe even take a offer from the Houston Rockets. The Heat will try to keep him, but Chris Bosh is certainly listening to House.

If he goes to Houston that leaves Dwayne Wade, the only major player in Miami. They will try to recruit some other more minor player, but it's certainly going to be a huge change for Miami Heat fans. They're not going to be the powerhouse they're used to being.

BANFIELD: So indulge me for a minute more if you will. I've been scanning through this article, this letter. I think he called it his essay. Yeah, "I'm writing this essay because I want an opportunity to explain myself," he says.

"I'm not having a press conference or a party. It's time to get to work. When I left Cleveland, I was on a mission. I was seeking championships, and we won two.

"But Miami already knew that feeling. Our city hasn't had that feeling in a long, long, long time. My goal is still to win as many titles as possible, no question. But what's most important for me is bringing one trophy back to northeast Ohio.

"I always believed that I'd returned to Cleveland and finish my career there. I just didn't know when."

Martin Savidge, if you're still on the line with me, can you hear any of the screaming from the streets yet?

SAVIDGE (via telephone): Yeah, you can. People are starting to drive by. They're honking their horns. They're clearly celebrating and cheering.

One of the things, you know, the fact that this has come out with this very sort of thoughtful press release, if you will, done through "Sports Illustrated" is the fact that many Clevelanders, when LeBron left, of course they were heart broken that he left, but it was the way he left.

It was that announcement that was broken on television, and Cleveland had no heads up that he was going to be leaving, so it really felt to many people, hey, he could take his talents where he wishes. He's a professional. But please don't kick us on the way out.

And that's what it felt like to the city, so it wasn't so much the departure, it was the way it was announced, which is why this way is so very different and so very thoughtful and done without the press conference.

And that of course, the fact he's coming home, makes everything just fine for the city of Cleveland.

BANFIELD: Martin, I feel like, you know, in the background of wherever you are on your phone, I can hear honking and I can hear people. Am I hearing that correctly?

SAVIDGE (via telephone): Yeah, they are. I mean, you know, it's like, when do they want to run to share this news?

You can come down to, of course, the arena, or there's been a lot of people that have just been staking out his home, which is actually down in the Akron area. It's about 25 miles away.

And then, you know, there are people that are of course going to be gathering at all of the sports bars -- you can hear the horns. Work day has come to an early end here in the city of Cleveland, and this caps off --

BANFIELD: Great party.

SAVIDGE (via telephone): -- a week that's remarkable.

You've had the announcement of the Republican National Convention in 2016, and now you've got the prodigal son who's returning home.

BANFIELD: I can imagine there are a couple of realtors who are about to get the big sale of their lives in the coming months.

Martin and Rachel, stand by if you will. We're going to put in a quick break here. But big headline, folks, LeBron James making the decision, going back to Cleveland, going back to Ohio, and writing this extremely poignant essay, dictating it anyway, for "Sports Illustrated," breaking the news, and obviously, horns honking, people screaming, people pretty excited.

By the way, he's already put up on his Instagram, "I'm coming home." Here's his Facebook page.

King James, Number 23 leaving Miami. Back in a moment.

(COMMERCIAL BREAK) BANFIELD: Breaking news is breaking sports news. One picture, one headline says it all. That tiny print says "I'm coming home," LeBron James going back to the Cleveland Cavaliers. He's going to play basketball back where he's from, folks.

"I'm coming home," he puts out on his Facebook, puts out on his Instagram. The town is erupting. People are thrilled. He had a good run in Miami. He says he wants a championship in northeast Ohio. He wants to retire, he wants to finish his career there, as he has said in this essay, that he dictated to "Sports Illustrated," pretty exciting stuff.

And the owner, Dan Gilbert, Cavaliers' owner, sent out a tweet. "Welcome home, @KingJames, I am excited for people of Cleveland and Ohio. No fans or people deserve a winner more than them."

You know, they were people who talked about bad blood between Dan Gilbert and LeBron James a couple of years ago so this is clearly a big development.

You know what? The people who are affected most by this, the fans, and there are some super fans who are none too pleased and burned the jersey in effigy, burned LeBron in effigy, unkindly so, unhappy that he left Cleveland for Miami.

One of those super fans joining me now. Jason, are you on the phone?

JASON HERRON, CLEVELAND CAVALIERS SEASON TICKET HOLDER (via telephone): I'm here.

BANFIELD: OK, spill it, how do you feel?

HERRON (via telephone): Oh, now I know what it's like to win a championship! I mean, talk about excited.

You know, I just was on CNN 20 minutes ago, I leave, come to get lunch, I sit down, I check my twitter, and Lee Jenkins from "Sports Illustrated," you know, nice enough to be in one of stories two years ago about the jersey burning.

I saw something about him coming home. I read it. I started screaming "LeBron is coming back." the bar is looking at me like I have three heads. Then it's on TV and everyone is clapping, it's a great scene in Cleveland.

BANFIELD: Have you been able to read through that piece, the essay where he speaks directly to the people of Cleveland. My relationship with northeast Ohio is bigger than basketball and I didn't realize that.

HERRON (via telephone): All is forgiven. We're ready to move on with LeBron. I wanted to officially welcome him home. Cleveland's going to be so much fun this year. This is a new Cleveland. This is the icing on the cake. What a great year for the city.

BANFIELD: You think all is forgiven, not just you, but everyone, including this tweet that I'm reading from Dan Gilbert. You think that's just all water under the bridge?

HERRON (via telephone): Absolutely. Like I said earlier on air, how great is that press conference going to be with Gilbert and LeBron embracing? It's going to be unbelievable. Those two guys who were bitter enemies.

BANFIELD: I don't know that you're going to get that photo op you're talking about. He wrote in this essay, I'm not having a press conference or a party. After this, it's time to get to work.

He said, what's most important for me is bringing one trophy back to northeast Ohio. So would you forgive him that he won't have the press conference?

HERRON (via telephone): You know what, he doesn't have to have a party because, trust me, we're going to have the party tonight for him. It's OK. I can only imagine how Cleveland's going to be this weekend. It's going to be phenomenal.

And here it's 90 degrees outside. It's a perfect day. And, I mean, oh, God, it's just -- we're just ecstatic. It's a - it's just phenomenal.

BANFIELD: I wish I were there. Man, that does sound like it's going to be a good time.

HERRON: Oh.

BANFIELD: In fact, you know what to know something, Jason, I don't know if you have a TV -

HERRON: What a great day to be off work. I'm off today.

I'm sorry.

BANFIELD: A great day to be off work too.

I don't know if you have a TV nearby, but if you do, take a look, because I'm about to take the image to -- directly to Cleveland where our Martin Savidge is standing by live. We were on the phone with him a second ago. He's now got a live shot location.

And you are at the home of the Cavaliers. I've been hearing those honking horns. Give me a feel for the sense of where you are, Martin.

MARTIN SAVIDGE, CNN CORRESPONDENT: Well, you know, people have just now started to gravitate down here to the Q. And this is, of course, the arena which is going to be the home for LeBron now, the home of the Cavs, has been. People are starting to -- let me tell you what they did in typical Cleveland fashion. The moment anybody heard something was going on with LeBron, they headed to the nearest sports bar. So they piled out of work. They went directly to the nearest sports bar and they turned on the television just to make sure, is it true? Once they realized, yes, it really is, there's no disappointment here, the people are starting to come down here.

So the traffic's starting to build. The pedestrians are starting to come on the sidewalk here. And the celebrating has only just begun, Ashleigh. And in many ways, you know, of course, they're happy from a sports perspective, but they really love what LeBron said, because it goes to the heart of what this city has always said about itself. It's neighborhood, it's people, it's the community, it's the city. It isn't always the championship, although that would be very nice. Thank you very much.

BANFIELD: Yes, so - so, Martin, our super fan who's been on the line, Jason Herron, said all is forgiven, that there's going to be one heck of a party tonight in Cleveland. I'm sure that it's -- we're just so in the genesis of all of this right now. And I could hear those horns honking as they're driving by. I'm not sure if your photographer is able to sort of give us an image at all of those people driving by in traffic, or maybe it's just not ginned up enough yet because the news is just getting out.

SAVIDGE: Well, you can see, I mean, you know, people are starting to gather on the sidewalks. Some of them are coming up to the media. Right now, it's just this sense of -- it's that letting out the exhalation of, thank goodness. It wasn't the instant jubilation. There is that. But it's the - they just are so pleased that for once it went their way.

And I say that because, you know, Cleveland is a city that wears its heart on its sleeve. Its sports teams are really an important part. And so knowing this town, it's a hard-working town. Their teams mean a lot to them. But their hometown heroes mean even more. And so that's why this is so fulfilling. LeBron is home grown, hometown boy. And the fact that he's come back with this goal of getting a championship, well, hey, that's nice, but it's LeBron coming home and that's even better.

BANFIELD: Yes.

SAVIDGE: It just fits in with the way this city is in so many different levels.

BANFIELD: Cleveland rocks. It's just going to - I know the banner. The banner is going to say, Cleveland rock, for a lot of people.

I have to ask you, I am not a huge -

SAVIDGE: Absolutely, it will.

BANFIELD: I'm not a huge basketball fan. I don't know a lot about sort of the inner workings of basketball, other than Don Sterling and what he's taught me. But I do want to ask you this. The open letter that Dan Gilbert the -- it's starting, I knew it. It's starting up behind you. The open letter that Dan Gilbert --

SAVIDGE: Yes, it's building.

BANFIELD: That he penned when LeBron left, it was so nasty. And I'm going to - I'm going to try to quote it, some of it by memory, but he called LeBron narcissistic and self-promotional. He said his move to Miami was a cowardly betrayal. I mean, words hurt. I mean that's pretty strong stuff. So how do you think they're going to manage this new reunion? They're -- how they're going to sort of bring out this announcement after LeBron says no press conferences. Do you think that they're going to somehow ballyhoo this in a really different way?

SAVIDGE: Yes. Well, first of all, I believe the two of them have actually met now, the owner and LeBron face-to-face. So whatever hatchet bearing had to be done, it was probably done there. The owner also paid a penalty for that letter, by the way. I think it was up to $100,000. But he kept the letter up on the website for the longest of time. It was when that letter came down that a lot of people started to say in this town, hey, wait a minute here, something may truly be up here.

I got to tell you, though, we've been dreaming of the day of LeBron coming back almost from the day after he left. You'd always talk to your friends, hey, well, what if, because that was always the scenario. And it was always, ah, no, we don't really want him back. But in your heart, you knew, if he wanted to come home, all would be forgiven.

BANFIELD: Yes.

SAVIDGE: And I think by the sounds of the celebration and the crowd gathering now, that is exactly what's happened. Welcome home. That's the message.

BANFIELD: Well, I'm going to continue - I'm going to continue to ask you -- I'm going to ask Rachel Nichols a question, but I'd love to have your shot up if I can and if you can see any of this activity, please ask your photographer to just give us an image of it.

SAVIDGE: Sure.

BANFIELD: Because I can see the Q behind you nice and clearly with the flags flying, but I can't so much see the street level.

And, Rachel, while we're looking at Martin's picture -

SAVIDGE: I'm going to move out.

BANFIELD: Could you help me again because, listen, I am a complete moron when it comes to basketball. What are the chances that, you know, just LeBron coming back to the cavaliers will make the difference, will actually mean a championship? Because last I checked, it's a team sport.

RACHEL NICHOLS, HOST, CNN'S "UNGUARDED" (via telephone): Yes, well, Ashleigh, it's not just LeBron. I mean part of the reason LeBron was interested in coming back to Cleveland was the core of young talent that they have around them. They have the number one draft pick this year, Andrew Wiggins. They have Kyrie Irving, one of the most exciting young players in the game. And it's that youth movement of stars that has excited LeBron, along with this opportunity to come home.

And talking a little bit to Martin about the fans, there's been an evolution with LeBron. He had that very jagged departure from Cleveland with the decision, which he has since acknowledged was a mistake. He had a difficult first year in Miami. He got booed in a lot of places. I was at the first game when he came back to Cleveland while playing in a Heat uniform and that was very difficult for him and emotional. And then, of course, the Heat had a big victory. So it was difficult emotions for Cleveland fans.

But he said at the beginning of the next season, I don't want (INAUDIBLE). He actually said (INAUDIBLE) and that was his first comments about it. And he apologized for the first time in that interview and said, I realize I made mistakes. He said, I made mistakes in the way I left. I don't want to be the villain anymore. And that interview and that moment was the beginning of the healing process. That was three years ago.

And in the time since, he's had a good relationship with his fans in Cleveland. He's been (INAUDIBLE) when he comes back to play there. They've been increasingly receptive to him. And he's been dropping hints over the last couple of years about, hey, maybe I'll come back. That started to give people hope and it started to heal the relationship.

BANFIELD: So I want to go back to Marty for a second, if I can, and talk money.

Martin, I'm just looking at CNN Money's reporting on just what it took to get King James to usher in a new era once again for the Cavaliers and pen this essay, the exclusive essay for "Sports Illustrated," I'm coming home. And that is $22 million a year. The Cavs are going to pay him a little more apparently than $22 million a year. But that is pocket change compared to the endorsement money that he's going to bring in as well.

But I'm not sure I understand how endorsement money is any different if you're playing for the Heat or if you're playing for the Cavs. Can you sort of work the money angle for me and explain just how big a deal this is for him to become eventually a billionaire?

SAVIDGE: Well, I mean, yes, that's been talked about, can he do it, and can he do it strictly on, you know, the money that he's going to get for doing all the commercial and all the endorsements. He's not going to do it just on salary alone. He makes a ton of money.

There's another part of this, before I even get into that. That is, what is he worth to the economy of northeast Ohio. And I remember that when he left, there was a breakdown as to just what LeBron meant financially. And at that time, the figure was put at around $250 million a year as far as what his presence in this city meant. That's trying to measure everything, for the merchandise that is sold, the tickets that are sold to the games, to, of course, the people who come in and travel. Everything totaled up. That is a staggering figure. That is the huge loss that financially this city felt on top of the emotional one. So, you know, the return here on many different levels is a real jolt and a positive one for the city of Cleveland.

Now, we also know that the roster had to be cleared in some ways. Behind the scenes, that's what the Cavs were doing to make room so they did not breach the salary cap. So there's a lot that's been going on. But the total bottom line, as yet, you know, right now, in Cleveland, they don't measure it in dollars and cents. It is going to be strictly measured in euphoria.

BANFIELD: Oh, boy. Listen to this. I'm just going to read a little bit more of that essay so you can see what the expectations are, not of the fans who are going to greet this man, but of LeBron himself as he touches down back in Cleveland and gets a good, close-up look at the Q behind you, Martin. And I'm going to read again. "I'm not promising a championship," LeBron says. "I know how hard that is to deliver. We're not ready right now. No way. Of course I want to win next year, but I'm realistic. It will be a long process, much longer than it was in 2010. My patience will get tested. I know that. I'm going into a situation with a young team and a new coach. I will be the old head. But I get a thrill out of bringing a group together and helping them reach a place they didn't know they could go. I see myself as a mentor now and I'm excited to lead some of these talented young guys."

So there's so much more on this story as well. We're going to squeeze in a quick break. But, Cleveland, King James, coming home. Back in a moment.

(COMMERCIAL BREAK)

(BEGIN VIDEO CLIP)

LEBRON JAMES: Yes, I just want to win. And, you know, that's - that's all that matters to me. And, you know, like I said, I haven't even begin to even think about what my future holds or what I have in store. You know, I will sit down with my team at some point, my family as well.

(END VIDEO CLIP)

BANFIELD: Well, I guess he must have sat down with his family because he made a decision. What you just saw was a kind of depressed fella who had just lost to the San Antonio Spurs for that championship game, being asked in the news conference after the game, what are your plans for the future, LeBron? And sort of sullen, understandably so, I don't know.

Now he knows, now we all know, because he released it in "Sports Illustrated." This is his essay as dictated to one of the writers of "Sports Illustrated," as told to Lee Jenkins, "I'm coming home," by LeBron James, saying he made a mistake. He didn't know the stake the way he knows them now four years ago. And you know what, a lot of this has to do with love and home and family and a lot of it has to do with money. And that's why CNN Money is such a critical part of this story. Alison Kosik joining me now to talk a little bit more about it.

I could never wrap my head around not only just the -- what they call the pittance (ph) contracts that are around 22 million or so a year -

ALISON KOSIK, CNN BUSINESS CORRESPONDENT: Right.

BANFIELD: But the endorsement money, the ownership potential, and everything else that comes to make the dynasties that are the LeBron's, the Wayne Gretzkys, the Michael Jordans, et cetera.

KOSIK: Exactly. The impact is just - it's astounding, isn't it? And the biggest impact that you're going to see is on the Cavaliers themselves. I talked with one analyst who said LeBron going to the Cavs increases the team's bottom line by $100 million. Right now the team is valued at $515 million. That, of course, can go up as the team has its season with LeBron in it.

But, you know, like any company, this is pretty much what you have to think of, of the Cavs, as it's a company. It needs to produce its product. And its product is wins. So, you know, you want to see this team win. Yes, we know that LeBron's going to go there. Because you see what happened when he left the Cavaliers in 2009-2010. You look at what happened to attendance. It dropped off. And you look at attendance in 2003, for instance, before LeBron came, it was at 471,000. It then shot up to 750,00 when he was drafted. And then, after two years later, it plummeted. So attendance is a huge part of it.

BANFIELD: Wow. Look at that. Well, this is pretty exciting stuff and CNN is all over this story. We're going to have continuing coverage, not only on the money angle, but the fans, the excitement, the horns a honking in Cleveland. King James going home.

Thank you, everyone, for watching. I'm taking a little vaca for the next few days but you all have yourselves a good week. "WOLF" starts right now.