Venue Detail
Cleveland Cavaliers
Revenues From Sports Venues Pro Facilities Report
February, 2011
Cleveland Cavaliers
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1 Center Court Cleveland, OH 44115-4001 Phone: 216-420-2000 Fax: 216-420-2239 URL: www.nba.com/cavs
Owner
Dan Gilbert
League
National Basketball Association Eastern Conference, Central
Venue
Quicken Loans Arena, 100 Gateway Plz, Cleveland, OH 44115-4002 Owner: Gateway Economic Development Corp Managed by: Cavs/Gund Arena Co. Built: 1994 Capacity: 20,000 Permanent concession stands: 33 Concessionaire: Aramark Suite caterer: Aramark Soft drink: Coca Cola Beer: MillerCoors
Building sponsors
Clubs/Restaurants: Yes
Naming rights
Sold to: Quicken Loans
Ticket prices
Season tickets range from $410 to $4,715 Single tickets range from $10.00 to $140.00
Attendance
2007 average attendance: 20,436 2008 average attendance: 20,465 2009 average attendance: 18,899
Luxury Suites
Quantity: 88 Term: 3 to 10 years Price: $130,000 to $225,000 Seats: 10 to 12 Includes: Tickets.
Club seats
Quantity: 2,336 Term: 3 to 10 years Price: $3,485 to $3,485 Includes: Tickets, access to clubhouse.
Financing
Gund Arena (formerly The Arena at Gateway but renamed for the team owners) cost $155 million and was paid for by a public/private partnership that included $120 million in taxable county bonds funded by a tax on alcohol and cigarettes, $28 million from a group of 50 area businesses and $7 million in private funds. Pct. public: 95
Quicken Loans Arena is home to the NBA Cavaliers.
The Cavaliers have begun talking with Cuyahoga County and Cleveland officials about a $30 million upgrade to Quicken Loans Arena. The work would include renovations to the inside and outside of the building and changes in the luxury suites. The team is 11 years into a 33-year lease.
The Cavs don't know the project's cost nor have they asked for public money because it is still in the conceptual stages, said Tad Carper, vice president of communications. He offered no details about the improvements except to say that they would “enhance the fan experience and the arena's function.”
The nonprofit Gateway Economic Development Corp. owns the arena, as well as Jacobs Field. If Gateway were to cease to exist, ownership of the arena would fall to the county. Cleveland would own Jacobs Field, so it’s likely the county would take a lead role in the arena project.
Since Dan Gilbert bought the Cavaliers in early 2005, he has spent $12 million of his own on the arena, including new seats to match the team colors, a new scoreboard and renovated locker rooms. Gilbert owns Quicken Loans, the nation's largest online mortgage lender.
The venue was originally called Gund Arena, but the name changed in 2005 when Dan Gilbert bought the team. Gilbert also owns the Michigan-based loan firm. The price and term were not disclosed.
The arena originally had 3,000 club seats, but that area was reduced because of lack of sales. The team developed the Courtside Club in 2002 and sells those seats for $5,125 to $8,610. A private club is under the stands. There are 824 such seats available and they are expected to generate $1.2 million a year in new revenue.
The 300-person club is unique in that it can be removed to open the arena floor for other events. It features a hardwood floor that was the San Antonio Spurs' former floor when the team played at the Alamodome.
There are several restaurants including Sammy's at the Arena, to which all have access, and the Arena Club, which is for suite and club seat buyers. Game-day suites for the Cavs begin a $3,700. (Basketball, Facilities, Financial, NBA, Professional Sports)