James was announced Saturday as the winner of the award. Fans attending the Indiana-Miami playoff game were all given headbands with James' logo and the letters "MVP" printed on them, as well as placards to mark the occasion.
James is the eighth player to win the award at least three times. "Pretty good company," Stern said.
The Heat played a video tribute on the scoreboard to start the brief ceremony, which ended with James thanking fans and telling them they played a part in it as well. He ended his speech with "Gracias, Miami," as the sellout crowd roared.