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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 eliminating Detroit and making the Eastern 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.

But almost from the moment the Cavaliers won the 2003 draft lottery and selected him with the No. 1 overall pick, insecure Cleveland fans have worried about a day when James would bolt for a bigger paycheck and brighter spotlight in New York, Los Angeles or Chicago.

That fear was well founded since the beloved Browns moved, and big-name athletes like Jim Thome, Manny Ramirez and Carlos Boozer, all left Cleveland as free agents despite saying they would stay.

James, though, kept his word. And at least for now, says he plans to stay. He wants to bring the city its first championship since the Browns won an NFL title in 1964 - three years before there was even a Super Bowl and 20 years before James' birth.

James has scored more points, handed out more assists and grabbed more rebounds at a younger age than any player in history.

Last season, James became just the fourth player to average at least 31 points, 7 rebounds and 6 assists, joining Oscar Robertson, Jerry West and Michael Jordan. He was named the youngest All-Star game MVP in history, and finished runner-up to Phoenix's Steve Nash for league MVP honors.

Rose said he hopes to have the deal signed before James reports July 19 to training camp for the U.S. team playing in this summer's World Championships.

With James' extension looming, Cavaliers owner Dan Gilbert did everything he could to keep the superstar.

Last summer, Cleveland spent millions on free agents Larry Hughes, Donyell Marshall and Damon Jones and re-signed center Zydrunas Ilgauskas, a player James personally campaigned to keep. Gilbert also renovated Quicken Loans Arena, upgrading the Cavs' locker room and remodeling a family area partly to accommodate the overflow of James supporters at every home game.

The club is also building a $20 million training facility in Independence, a short drive from James' suburban home.

Now that James is on board, general manager Danny Ferry will try to re-sign restricted free agent forward Drew Gooden. The club has also been in contact with several other free agents during the league's July 1-12 signing period.

(AP via China Daily July 10, 2006)