LeBron James announced on July 11 that he will be returning to his first NBA franchise team, which will be good for the Cavaliers, and potentially beneficial to Cleveland's economy as well.

The former Miami Heat player announced his return to Cleveland in an eloquent letter that was published in Sports Illustrated magazine.

James wrote in the letter, entitled "Coming Home," about how he has always wanted to return, but he didn't think the time was right, until now, "I always believed that I'd return to Cleveland and finish my career there. I just didn't know when," James wrote in the letter.

Cleveland hasn't won a championship from any of its professional teams since 1964 and sports fans don't attend the events as much as they used to.

During one of the Cleveland Indians game at the American League Wild Card race, the Indians' fans that were in attendance averaged 18,236, which ranked the team second to the last with regards to the number of fans who attended.

However, since LeBron is coming back to the Cleveland Cavaliers, some suggest that ticket sales for sporting events will increase, especially for basketball.

This will hopefully spark Cleveland fans with some energy and enthusiasm, which in turn would stimulate the economy by increased consumer spending.

LeBron's return to Cleveland is expected to bring about $50 million to the city within a year through an anticipated boost in the economic activity, Cuyahoga County Executive Ed FitzGerald said.

"I think there is a measurable economic value," FitzGerald said on Monday in an interview with Kiley and Booms, "When people say this is just about an athlete making money, there's more to it than that. Other people will make a living."