Lease May Keep Cavaliers At Quicken Loans Through '44; Details On Upgrades Unveiled
The Cavaliers "could play in Quicken Loans Arena" through '44 under "terms of the team's new lease," according to a front-page piece by Karen Farkas of the Cleveland PLAIN DEALER. The Cavs' proposed $140M "transformation deal with Cuyahoga County and Cleveland included a provision to extend the current lease by seven years" to '34. But the "new deal also allows for two five-year renewal options." The 134-page lease also includes "details about the upgrades," which will be completed by Dec. 31, 2019, and the additional $92.8M in rent that "will be paid by the team over the next seven years." Other details of the deal include Quicken Loans providing and distributing "15,000 tickets to arena events each year beginning" in '17 through '34. Of those tickets, 10,000 will be for "either Cavaliers pre-season games, regular season games or other team events." Meanwhile, public areas of the arena "would be expanded" by approximately 40% (75,000 square feet), including "expanding the entries and expanding adjoining concourse space" by more than 300%. The Cavs will also pay an additional $5.46M a year in rent from '18-34 for a total of $92.8M. The team currently pays about $2.5M a year in rent (Cleveland PLAIN DEALER, 11/17).