Now that the Browns are moving out of the downtown area, residents are left to deal with two billionaire owners demanding countless amounts of money for upgrades. Most rational people would look at this situation and wonder why an owner like the Cleveland Cavaliers Dan Gilbert, with a net worth north of $20B, is not paying for 100% of his arena upgrades. The answer is because he knows that he doesn't have to pay for…
Read More Over the last few months, plenty of articles have been written about how exactly the city of Cleveland is going to pay for the millions and millions of upgrades that their local sports owners are demanding. Gateway Economic Development Corporation, the owner of the Cleveland Indians ballpark (Progressive Field) and the Cleveland Cavaliers arena (Rocket Arena), is supposed to pay for venue upgrades with revenues from a 1990 voter-approved sin tax. But the sin tax…
Read More The city of Cleveland is going to pay for upgrades to the Rocket Mortgage FieldHouse, home of the Cleveland Cavaliers. However, the non-profit corporation who decides whether to approve these projects, Gateway Economic Development Corporation, also has no idea how, where or even if they can pay for it. Which does seem to be a slight problem?
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