Quicken Loans Arena Deal Is Back On, Cavaliers Say
The Cleveland Cavaliers are recommitting to a deal to renovate Quicken Loans Arena after withdrawing from the plan last week.
In a statement Wednesday afternoon, Cavs CEO Len Komoroski said the team will take up its side of the Q deal. The Cavs will pay principle and interest on half of a $140 million bond sale. The public will pay down the other half, plus reserves, with admission tax dollars and other revenue.
The project will rework the arena’s interior and add an atrium to the ticketing area. The deal also extends the team’s lease in Cleveland seven years, until 2034.
The Cavs appeared to back out last week, saying a voter referendum on the plan would lead to construction delays. The Greater Cleveland Congregations later withdrew its petitions asking for that vote.
Cuyahoga County hasn’t shared exactly when it will sell the bonds, but executive Armond Budish, in a written statement, said the project will follow “an aggressive schedule to compete for the All-Star game.”