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LeBron finalizes contract extension

The Cleveland Cavaliers' LeBron James goes to the basket against the San Antonio Spurs in the third quarter of NBA basketball action on Feb. 13 in Cleveland. PHOTO: AP

LeBron James agreed early yesterday to a three-year contract extension with the Cleveland Cavaliers, keeping the All-Star forward with the club through at least the 2009-2010 season.

The contract includes an option that would allow James to extend the deal one season, the Cavaliers reported on their Web site. The contract, which James is yet to sign, will take effect after the 2006-2007 season.

"I knew all along -- and I had always said -- that I wanted to stay here in Cleveland, so it's a terrific day for me and my family to actually make it official," James said in an interview on the team's Web site.

"Now I can continue to concentrate on basketball and helping bring a championship to Cleveland," he said.

James chose an extension that is for two years less than the maximum deal the Cavs could have offered under the league's collective bargaining agreement, a five-year package worth as much as US$80 million.

"We did extensive research and with the way the CBA is set up, it makes the most business sense to sign this extension and then look at another new contract in four years," James said.

Although the 21-year-old James announced on Saturday that he had agreed to an extension with the Cavs, the deal couldn't be finalized until yesterday, when the NBA's moratorium on free agency ended.

The deal is a huge relief for a team that has risen into contention in James' three seasons and fans who were worried the superstar might leave Cleveland, which hasn't celebrated a championship since the 1964 Browns won the NFL crown. James is from nearby Akron.

The NBA on Tuesday set its 2006-2007 salary cap at US$53.135 million on Tuesday.

Also determined on Tuesday were the mid-level exception and the tax level. The mid-level exception will be US$5.215 million and the tax level is US$65.42 million. Any team that exceeds that figure will pay a US$1 luxury tax for every dollar it is over.
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