Gund Arena to be renamed Quicken Loans Arena
CLEVELAND -- The Cavaliers will be playing next season at "The Q."
Gund Arena will become Quicken Loans Arena, named after the online mortgage giant that owner Dan Gilbert founded, the team said Tuesday. The Cavaliers did not disclose the cost of the naming rights.
The team plans to emphasize the nickname "The Q" and is developing logos and signs for the downtown venue. The Cavaliers did not say when the name change would become official.
Cavaliers officials will go before the city planning commission this week to get approval for new exterior signs on the 20,000-seat arena.
Gilbert bought the naming rights to Gund Arena when he purchased it and the Cavaliers for $375 million from former owner Gordon Gund this year.
The arena, which opened in 1994, becomes the first of Cleveland's three stadiums to have its name purchased by a corporate sponsor. Jacobs Field is named for the family that formerly owned the Cleveland Indians, and Cleveland Browns Stadium took on the name of the team when it opened in 1999.
Quicken Loans, based in Livonia, Mich., is the nation's largest online mortgage company.
Copyright 2005 by The Associated Press