Cleveland Cavaliers owner Dan Gilbert has committed an extra $45m of private funding towards renovation work at the NBA team’s Quicken Loans Arena.
It raises the team’s current private funding commitment to over $115m, with the overall cost of the project rising to $185m. The original $140m investment was split 50-50 between the Cavaliers and public funding.
The Cavaliers’ funding will cover all non-public, club, suite, team, premium space, AV/LED, lighting and multimedia upgrades, along with a significant proportion of the public-space updates. The team said that the existing $70m capped, public portion of funding would be repaid almost entirely from direct, arena event-related revenue sources.
The project is due for completion in October 2019 and the arena is set to reopen for the 2018-19 NBA season next month. The extensive renovation work is designed to transform the facility into a state-of-the-art, modern venue. The Cavaliers have played at the arena since 1994.
In an interview with Crain’s Cleveland Business, Len Komoroski, chief executive of the Cavaliers and Quicken Loans Arena, said: “As we got into (the renovation), it evolved and with that comes additional investment, which we realised was our obligation. It’s really about what puts The Q in the position to be sustainable and impactful for the long-term as a community asset.”
He added: “Every area of the building is being touched and as you go into this type of project there are opportunities to enhance even further. It’s one thing to look at it conceptually on paper and it’s another thing when you’re in the process and can see opportunities that present themselves. We’re blessed to have ownership that looks at from the perspective of what’s the right thing to do for the long-term.”
October promises to be busy month for the arena. Along with Cavaliers fixtures and Cleveland Monsters hockey games, Quicken Loans Arena will host gigs featuring the likes of Justin Timberlake, Kevin Hart, Phil Collins and Fleetwood Mac.
Image: Erik Drost