Jul

11

Lebron, from Dan Grossman

July 11, 2010 |

the announcement At $25 million a year, plus a larger amount in endorsements, of course Lebron James chose Miami over New York, LA and Cleveland. Florida has no income tax. While those other states are among the highest tax states in the country.

Scott Brooks comments:

But that tax wouldn't make up the money he lost ($30 million) by signing with Miami over Cleveland.

J.T Holley writes:

The math is 12 million in difference for the length of his contract in State Taxes saved. That's over 35% saved in my book, better supporting cast, nice climate (Miami has never had a 100 degree weathered day recorded), So. Beach, he gets to finally be a man and leave home, and the insiders could've shorted MSG from let's say 21 to 19 leveraged? I'm just sayin'.

The King seems to be following the advice of his consultants rather well. In the Navy the ole' sayin' is "loose lips, sinks ships". I was quite surprised that MSG didn't spike more than it did and go a few more deviations to the upside. The tight lipped coverage and suspense was brilliant and had to be hard to keep up. This is especially amazing to me considering Wade and Bosh were also involved in the dealings ultimately in the decision.

There has to be a study of "high profile" free agents and "warm weathered" correlation to be done when it comes to money and choices. Does anyone know of a high profile athlete that choose a "cold weathered" city when the initial contract was up? Just sayin'?

David Wren-Hardin comments: 

Jody Rosen over at Slate had a short piece that I think nails it.

New York is no longer the hip place to be. For a young, minority millionaire, the post-racial (or allegedly post-racial) melting pot of Miami is the place to be. Everyone scratching their heads about tax breaks, endorsements, and culture is living twenty years in the past.
 


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