Gilbert penned a touching letter thanking James for leading the team to a championship and four straight NBA Finals appearances.
For the second time in his career, James is saying goodbye to the Cleveland Cavaliers, who drafted the teenage sensation from Akron in 2003 and have to be satisfied with winning just one title in the 11 years they had him.
James, 33, is a four-time NBA Most Valuable Player and arguably the league's most dominant player. Later Sunday night, ESPN's Chris Haynes reported that the Lakers agreed with free agent center JaVale McGee on a one-year, league-minimum contract. James will make him better. In his final season with the club, James will make $41 million.
Many decided his reason to leave Cleveland Cavaliers was down to a massive mistake made in the NBA Finals by former teammate JR Smith.
That story combined with a climb to the top of the NBA's statistical mountain top - if James averages 25 points and eight assists a game over the next four seasons he'll both smash Kareem Abdul-Jabbar's all-time National Basketball Association scoring record and jump to third all-time in assists behind John Stockton and Jason Kidd - could be James' counterargument in GOAT debates going forward.More news: Edinson Cavani fires Uruguay into last eight after beating Portugal
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While his wife and children were out of town for an AAU tournament, James was at his OH mansion pondering his next career move and how to top the champion Golden State Warriors, Jenkins writes.
He will sign a 1-year, $4.5 million deal, a little bit more than he was set to make in IN, according to ESPN's Chris Haynes.
Information from The Associated Press was used in this report.
The superstar has three championship rings.
But the Warriors and Steph Curry have won the past two years.
He won five National Basketball Association titles in 14 seasons with Lakers and remains the all-time leading scorer in league history.
In the meantime, the Western Conference has accomplished the impossible. Last season, James proved to be the most influential player for his side, finishing the regular season averaging 27.5 points per game, 9.1 assists and 8.6 rebounds while playing in all 82 matches.