Let’s face it Cleveland Cavaliers owner Dan Gilbert does not give off the most trustworthy of vibes. His various opinions and deeds have not exactly been friendly to the common man and his superstar LeBron James.
So when rumors begin flying that the team’s owner since 2005 was thinking about selling and/or moving the club after balking on a deal to renovate Quicken Loans arena, no one was exactly surprised.
In a team statement the Cavaliers who wanted the taxpayers to fund half the project, more or less tried to flip the script after the Ohio Supreme Court stepped in to rule in favor of a collation that opposed certain aspects of the project’s financing.
The prospective referendum will cause the groundbreaking of The Q Transformation to miss the current construction cycle, which pushes the overall price tag of the project higher due to rising construction costs. In addition, a time sensitive financing package that included historically low interest rates would be negatively impacted by further delay due to a prospective referendum exposing the project to an expected higher interest rate environment.
Gilbert issued his own verbiage as to why he took his ball and went home.
“Destination Cleveland supported the renovation of The Q to ensure a competitive arena with an NBA franchise remained in Cleveland for the next generation,” said Gilbert, president and CEO of Destination Cleveland. “We’re disappointed to hear the transformation will not move forward after such a strategic solution to fund the renovation was developed. With only half of the funds coming from public sources, it appeared to be a very good deal for a city of our size.”
As this saga played out, leaks sprung regarding the team skipping town. Gilbert quickly took to Twitter to denounce the rumors.
CLE,Let’s put any silly rumors to rest: I will never move the Cleveland Cavaliers out of Cleveland. Period. And that’s unconditional.@cavs
— Dan Gilbert (@cavsdan) August 31, 2017
All’s well that ends well for now for those that take Dan Gilbert at his word.