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LeBron James officially signed the three-year, $100 million contract that makes him the NBA's highest-paid player for the first time in his career. The defending-champion Cleveland Cavaliers formally announced Friday that they had the signature of the four-time MVP on a contract.
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"We are very fortunate to have a championship group together," general manager David Griffin said in a press release. "One that has grown organically to trust, and sacrifice for one another -- on and off the floor. At the core of that group is LeBron.
"His leadership, passion and tireless commitment are the hallmarks of our success and have inspired our entire franchise. His connection and dedication to his community and this fan base are absolute. We share his determination to win at the highest level and can't wait to get back to work, together to defend our title."
James was named NBA Finals MVP as the Cavaliers rebounded from a 3-1 series deficit to defeat the Golden State Warriors last June. The championship was the third of his career.
The new contract will make James the highest-paid player in the league in 2016-17 at $31 million, according to multiple reports. The superstar forward's 2017-18 salary will be more than $33 million, which would be a single-season NBA record, ESPN reported. The previous mark was the $33 million that Michael Jordan received in 1997-98 from the Chicago Bulls.
The third season is reportedly a player option.
James was a free agent, though he previously assured the Cavaliers that he would return.
James announced his return on Thursday in a video posted on the social-media site, Uninterrupted.
"I just want to let y'all know I'm re-signing back with the Cleveland Cavaliers, my hometown team. I can't be more excited than this opportunity once again, man, to defend our crown, defend our title. We all know last year was a magical, inspiring -- all the words you can come up with -- it was an unbelievable season. I just can't wait to get the group back together -- the team, the franchise, more importantly, get everybody together, the fans.
"Without you guys, without your passion and commitment, we wouldn't have been able to do what we did this past season. I'm ecstatic. I can't wait to see my guys. I can't wait to get back out there in the wine and gold and just get the band back together. Lastly, let's get J.R. (Smith) done. It's that time."
James, 31, returned to Cleveland from the Miami Heat ahead of the 2014-15 season, and he guided the Cavs to the NBA Finals in both seasons since his return. Cleveland lost to the Golden State Warriors in the 2015 Finals before beating the Warriors in the rematch for the first championship in franchise history.
In each of the past six seasons, James guided his team to the NBA Finals.
James averaged 25.3 points, 7.4 rebounds and 6.8 assists in 76 games last season. In the postseason, his averages improved to 26.3, 9.5 and 7.6.
A 12-time All-Star, James is a three-time NBA Finals MVP.
