LeBron inks historic contract to re-sign with Cavaliers

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LeBron James delivered Cleveland their championship and now he is being paid handsomely to defend it for the Cavaliers.

The Cavaliers and their star have agreed to terms on a new three-year contract that will make the NBA's biggest star its highest-paid player with a $31million salary next season.

The deal is worth a total of $100m, with James' salary increasing to $33m in 2017-18 - the richest single-season salary in NBA history.

"I just want to let you all know I'm re-signing with the Cleveland Cavaliers, my hometown team," James announced in a video on Uninterrupted, his online multimedia platform.

It is the first time in James' 13-year career he will be the highest paid player in the NBA.

James, 31, became a free agent this offseason, but his stay in Cleveland was never really in doubt.

Since returning home from Miami, the Akron, Ohio, native negotiated opt-out clauses before the second year of his last two contracts with the Cavs in order to capitalise on the NBA's ever-changing financial landscape.

He exercised his player opt-out this offseason on a contract that would have paid him $21.6m next year before agreeing to the record deal.

James joins Michael Jordan and Kobe Bryant as the only players in NBA history to make more than $30m in a season.