Cavaliers Cancel Planned $140 Million Renovation of Quicken Loans Arena

Cleveland Cavaliers owner Dan Gilbert reportedly canceled a planned $140 million renovation designed to improve Quicken Loans Arena. 

Karen Farkas of Cleveland.com reported the news Monday, adding "Gilbert folded his cards and walked away following a months-long battle over financing and a vote that could result in a denial of Cleveland's proposed support of the project."

Farkas explained a "court ruling left the project in limbo" when "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."

As a result, the referendum which opposed the $88 million of taxes designated for the project would have gone to a later vote, and the Cavaliers had previously expressed the desire to start working on the renovation during the offseason after the playoffs.

Quicken Loans Arena has been the downtown home to the Cavaliers since 1994, and Farkas said it's one of the league's oldest arenas without a significant upgrade. The planned renovation was set to feature public dining areas where fans could see the action and a glass front to the building.

The Cavaliers are also dealing with some roster uncertainty as well after they traded Kyrie Irving to the Boston Celtics for Isaiah Thomas, Jae Crowder, Ante Zizic and the Brooklyn Nets' 2018 first-round pick.

ESPN.com's Adrian Wojnarowski reported they were looking for additional compensation following Thomas' physical, although Joe Vardon of Cleveland.com reported the defending Eastern Conference champions hadn't requested more assets by Sunday afternoon.