The Cleveland Cavaliers announced on Wednesday a $70 million recommitment to the Quicken Loans Arena transformation project, nearly one week after pulling out of its end of the deal. The Cavs’ decision to recommit to the deal sets the previously agreed upon $140 million arena renovation back in motion, while simultaneously extending the team’s lease with the city from 2027 to 2034.
“We are excited to confirm our renewed capital commitment of over $70 million to help renovate and transform Quicken Loans Arena – a tremendous publicly-owned asset for our community. At the same time, we’re very pleased to extend the Cavaliers lease with our landlord, Gateway Economic Development Corporation, for seven additional years at The Q until 2034. In other words, the Cavs will be a tenant at The Q in downtown Cleveland for at least the next 17 seasons,” Cavaliers and Quicken Loans Arena CEO Len Komoroski said in a statement.