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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.