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HAVE GUND, WILL SPONSOR
Published September 26, 1994
Gordon Gund, principal owner of the Cavaliers, is "paying $14M over 20 years to have the Gateway arena named the Gund Arena." Four other entities bid for naming rights, although only KeyCorp and McDonald & Co. Securities Inc. were "publicly linked to negotiations." Gund will pay the same price that Indians owner Richard Jacobs paid for the rights to Cleveland's new baseball stadium. The $28M from the two deals will help pay off a $120M loan from Cuyahoga County (Harry Stainer, Cleveland PLAIN DEALER, 9/25).