James has decided to join fellow All-Stars Dwyane Wade and Chris Bosh.
PHOTOS: Greatest trades in sports history
After seemingly endless speculation as to where the two-time MVP will land as a free agent this summer, James finally made his choice live from a Boys & Girls Club in Greenwich, Connecticut.
James interviewed with a total of six potential suitors last week, but ultimately he chose to leave his home state team - the Cleveland Cavaliers. The New York Knicks, Chicago Bulls, New Jersey Nets and Los Angeles Clippers also made their pitches to James.
WATCH:
Rumors were circulating about James' destination from the moment the Cavaliers' season ended with a loss to Boston in the Eastern Conference semifinals. James even said he didn't make his final decision until Thursday morning, but it was certainly helped by Wednesday's declarations from Bosh and Wade to join the Heat.
"I feel like it's going to give me the best opportunity to win and to win for multiple years," James said in his decision announcement interview with ESPN's Jim Gray. "Not only just to win in the regular season, to win five games in a row or three games in a row, I want to be able to win championships, and I feel I can compete down there."
How the three will be paid remains a mystery, considering as of Thursday night the Heat had just two other players under contract for next season - Michael Beasley and Mario Chalmers.
The 25-year-old James has played for the Cavs his entire seven-year career and stood to make more money playing for his hometown team, but winning in the short-term was his biggest decision for leaving. The Cavaliers could have offered James a six-year, $128 million contract, while other teams were capped at a maximum of five years and $99 million.
James, who was second in the league at 29.7 points per game last season and also averaged 8.6 assists and 7.3 rebounds, is a six-time All-Star, 2004 Rookie of the Year, a two-time All-Star Game MVP and 2008 scoring champion.
Details are still thin on exactly how Bosh will join the club after a seven- year stint in Toronto. It's unclear whether Bosh will sign directly with the Heat or if the two teams will agree to a sign-and-trade deal, which could potentially net the power forward a bigger contract.
Wade has played for the Heat his entire seven-year career and already has one title under his belt, in 2006 when he was Finals MVP.
"It's about everybody having their own spotlight and doing what's best for the team," James said during his TV interview. "At this point, D-Wade, he's the unselfish guy here. To be able to have Chris Bosh and LeBron James to welcome us to his team...it's not about individuals here. If that was the case, D-Wade wouldn't have asked us to join him. It's about a team and that's what this game is about."
James' decision also means a tough road ahead for the Cavaliers in a city that hasn't won a major sports championship since 1964, when the Browns captured the NFL crown. It's the longest drought for any city with at least three majors sports franchises. The Cavs made it to the 2007 NBA Finals before being swept by San Antonio.
"It's heartfelt for me," James told Gray about his decision. "It's hard to explain, but at the same time my heart, for the seven years I gave to that franchise, to that city, was everything. I never wanted to leave Cleveland and my heart will always be around that area, but I thought the greatest challenge for me was to move on."
James was also asked who will be the coach of the Heat next season, and he immediately said Erik Spoelstra will remain at the helm. Rumors were circulating that Heat president Pat Riley could make a return to the bench to coach another championship team.
© 2010
