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Cavs News: Dan Gilbert to Spend Insane Amount of Money to Upgrade Quicken Loans Arena
- Updated: September 18, 2018
Quicken Loans Arena has been home to the Cleveland Cavaliers since it first opened as Gund Arena back in 1994. When current team owner Dan Gilbert purchased the arena in 2005, his Quicken Loans company purchased the naming rights.
Now, Gilbert is playing the gracious host by putting $45 million worth of private funding towards the already underway $140 million renovation that has been taking place all summer.
Last summer, Gilbert scrapped the proposal to upgrade the aging arena, which raised concerns of the Cavs possibly relocating in the not-so-distant future. It now seems that Gilbert has seemingly made a full 180 degree turn and is putting in a large chunk of money into the renovations himself.
— Tom Withers (@twithersAP) September 18, 2018
The Q has been closed all summer undergoing renovations and will be closed all of next summer to complete them. The transformation will not be fully complete until September 2019.
Despite the long wait to see the final improvements, it will surely be well worth it. More importantly, the renovations ensure that the Cavs will call Cleveland home until at least 2034 when their current lease runs out.