James ends suspense, will stay in Cleveland

CLEVELAND – LeBron James likes it where he’s at – close to home and closing in on an NBA title.

Cleveland’s All-Star forward agreed Saturday to sign a contract extension of up to five years and worth as much as $80 million with the Cavaliers, a huge relief for the rising team and its fretting fans who worried he might be planning an escape.

James, who in three NBA seasons has single-handedly resurrected Cleveland’s franchise and brought the Cavs into championship contention, will sign the deal after the free-agency moratorium ends Wednesday, said his agent Leon Rose.

“I am very excited and happy to be re-signing with the Cavaliers. Staying in Cleveland … provides me with the unique opportunity to continue to play in front of my family, friends and fans,” James said in a statement. “I look forward to working toward bringing a championship to our great fans and the city of Cleveland.”

James didn’t have to accept the deal. He could have chosen to wait until after next season when he would have been eligible for free agency. But he believes in the Cavaliers, who during this season’s playoffs came within a late offensive rebound in Game 6 of making the conference finals.

Unlike some of his fellow 2003 draft classmates, James waited one week after the team made the offer before announcing he would sign. The delay since July 1 had Cleveland fans, who have been burned by broken promises before, fearing the worst.

But as he has always done, the 21-year-old from nearby Akron came through in the clutch.

Ever the showman, James let the drama build before agreeing to a deal that will start after the 2007 season and run through 2012-13 – when he’ll only be 27.

“We are very happy to hear LeBron’s recent statements regarding his desire to help work toward bringing a Cavaliers championship to Cleveland and our fans,” general manager Danny Ferry said. “We plan to sit down next week with Leon Rose to agree on terms of an extension.”

James will make $5.8 million next season, the final year on his rookie contract.

The exact amount of James’ extension won’t be known until later this summer when the league determines the salary cap for next season.