The Cavaliers would likely do anything to keep LeBron James in free agency this summer but can they offer him a piece of the team? According to this SI article, Dan Gilbert can figure out a way to keep LeBron in Cleveland.
James is reportedly closing in on half a billion dollars in net worth. At this stage in his career, his life, and his financial maturity, it’s intensely unlikely that money will guide him. Cleveland can offer James more in salary than any other team can. Article VII of the NBA’s Collective Bargaining Agreement details the “veteran free agent exception,” more popularly known as the “Larry Bird exception.”
In a very indirect way, James could potentially buy a very small stake in the Cavs. The same is true of any player under a certain set of conditions. Under Article XXIX of the CBA, James could purchase publicly traded securities that constitute less than five percent of the ownership interests in a company or entity that directly or indirectly owns the Cavs. Confused? Essentially, if publicly traded securities own less than 5% of a company that owns a stake in the Cavs, James could buy into those securities. Such an arrangement would give James no actual ownership of the Cavs nor any control over the team
If LeBron is going to own a team, he’s probably going to have to wait until he retires. Giving him a tiny piece of the Cavs won’t even get him out of bed. He brought the Cavs a title, so really he doesn’t owe Cavs fans anymore. The Decision Part 2 will be fun to watch, let’s hope he doesn’t make the same mistake the second time around.
The Decision– Ending weeks of silence and drama, LeBron James said on his ESPN special on Thursday night that he’s decided to join the Miami Heat and leave the Cleveland Cavaliers after an unsuccessful seven-year quest for the championship he covets. (July 8 2010)