Cavs owner Dan Gilbert kills deal to renovate Quicken Loans Arena

CLEVELAND, Ohio - Cleveland Cavaliers owner Daniel Gilbert has killed the $140 million deal to renovate Quicken Loans Arena.

Gilbert folded his cards and walked away following a months-long battle over financing and a vote that could have resulted in a denial of Cleveland's proposed support of the project.

The move comes eight months after the Cavs announced the planned transformation of the arena, aimed at making the 22-year-old building competitive by creating more space for dining, bars and public gathering.

Community groups opposed spending tax money on the upgrades. And 18 days ago, the Ohio Supreme Court ordered Cleveland City Council Clerk Pat Britt to accept referendum petitions submitted by a coalition that opposes Cleveland's use of tax dollars for the upgrades.

Read more: http://www.cleveland.com/cuyahoga-county/index.ssf/2017/08/cavs_owner_dan_gilbert_kills_deal_to_renovate_quicken_loans_arena.html