The Cleveland Cavaliers have withdrawn their financial commitment and participation from the plan to renovate Quicken Loans Arena, the team announced in a press release. The Cavaliers claimed that they were going to spend $70 million on the project to go along with $70 million of public money, but it was never clear exactly how much would come from owner Dan Gilbert and the organization.
The release also removed money from a plan to renovate “40 gym courts and floors in the city of Cleveland’s rec centers and all Cleveland Metropolitan School Districts high schools.”
The project was put into limbo when the Ohio Supreme Court ruled that that a referendum had to observed.
“Quicken Loans Arena brings over 2 million people a year to downtown Cleveland and last year alone produced $245 million in economic activity including the RNC and the NBA Finals,” said Cavaliers CEO Len Komoroski. “This facility is Cleveland’s gateway to the world as many of our events are broadcast nationally and internationally. The investments over the years into The Q have paid back multiples in economic impact, job creation and tax generation. It is very disappointing to see our further private investment into The Q Transformation project reach this ending point.”
As noted in the release, this also ends the Cavs’ chances of hosting an All-Star game in 2020 or 2021. The NBA had previously said that if construction was not underway by fall, an All-Star game would not come to Cleveland. The team originally hoped to begin construction right after the season ended.