NBA star LeBron James was universally praised for putting up his personal fortune for a school geared towards helping at-risk kids in Ohio.
However, contrary to the impression given by media coverage, he is paying a far smaller share of the costs than one might be led to think. To great acclaim, the former Cleveland Cavaliers player opened his first “I Promise School” in Akron this year
“This is a huge moment, not only in my life, not only in my family’s life, not only in the foundation’s life but for these kids and for the whole city of Akron more importantly,” James said in a speech on opening day. “This is a huge moment for all of us.”
The project was sold to the public as being funded by James and a coalition of philanthropists he assembled to float the school. In July Money reported that “James’ family foundation will cover the costs of other extra school features, and with its partners has already contributed $2 million for building upgrades, extra staffing and other needs, the paper notes.”
But now, it has been discovered that Akron’s taxpayers will be shelling out for as much as 75 percent of the costs for the school, a far sight more than was previously assumed.
According to Cleveland.com, “The exact breakdown of expenses for the new I Promise School is unclear… But the district will pay more than half the costs — perhaps around 75 percent — once it is fully running.”
Indeed, the whole project is city-operated. The school is not being run by James or his coalition. It is operating in a city-owned building, staffed by public schools personnel, and mostly paid for by the taxpayers. James may have some influence, but essentially he is not the main administrator of the school that was sold as his pet project.
“The coverage made it look like the whole thing is his,” Akron school district spokesman Mark Williamson told the media this week. “He did a lot, but taxpayers should know it’s their investment too.”
James has already given $2 million, but according to reports, this sum covers only two grades and only a quarter of the total costs. The price tag will quadruple when the final costs are tabulated, the paper says. And that is just an estimate. The way city accounting often works, it is likely that taxpayers will be on the hook for far more than just an additional $6 million.
Regardless of the final cost, whatever amount James actually donates will be dwarfed by the actual costs to the taxpayers.
Follow Warner Todd Huston on Twitter @warnerthuston.
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