We all were witnesses to the Dan Gilbert virtual mental breakdown after Lebron James’ decision to leave Cleveland for Miami. But Forbes.com has given us some insight into the full extent of Gilbert’s grief about it, financially anyways. Apparently, Dan Gilbert’s net worth has dropped over $150 million since ‘The Decision’….
The year after losing James the value of the Cavaliers fell 26%, to $355 million. The Cavaliers were terrible on the court and the team’s local television ratings plummeted 55%. The next year Cleveland’s value dropped another 7%, to $329 million. And the Cavaliers have been lowering their ticket prices to deal with declining attendance.
Conversely, Micky Arison (Owner) and the Miami Heat franchise have had substantial growth in worth virtually overnight since the day of ‘The Decision’:
After his first season with the Heat James boosted the team’s value a league-high 17%, to $425 million, adding $60 million in value. During that season the team’s cable television ratings doubled and the Heat sold out all season tickets for this season after four straight years of declining attendance.
After James’ second season we increased the value of the Heat another 8%, to $457 million, as the Heat sold out 11 home playoff games the previous season on the way to losing the title to the Dallas Mavericks. James has added $111 million to Arison’s net worth and should add even more due to improved sponsorship and media prospects James and the NBA championship have brought to South Beach.
[Quotes via Forbes]
