Cleveland Cavaliers News: Owner to go 'all-in' on spending for player salaries and team luxuries
Cleveland Cavaliers owner Dan Gilbert is not looking to hold back, as far as his team's expenses go.
According to a report by ESPN.com, the Cavs have spent nearly $300 million in new player contracts. $113 million was allotted for Kevin Love, $82 million for Tristan Thompson, and $47 million for LeBron James.
Gilbert says he is "committed" to spend around $175.6 million, $65 million of which for luxury taxes. The report adds that the said numbers now make the Cavaliers the second-highest spending team in league history, next to the 2013-2014 Brooklyn Nets, who put out $197 million, taxes included.
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For his part, Gilbert's decision to make such a financial move is more of an asset than liability, as he believes it will all bear fruit in the long run.
"We're committed; we're all-in ... When you invest in something like a sports franchise and you're in for so much ... if you at the margins start pulling back, I think that may be foolish on a lot of fronts."
"We're investing for the future as well as the current," he adds.
In July, two-time NBA champion and four-time MVP LeBron James inked a short-term deal with the Cavaliers. "King James" was signed for a one-year $23 million contract, which includes a player option for $24 million for a second year.
James may opt for free agency in the coming summer, and despite the possibility of him not enjoying the would-be perks of Gilbert's business move, he still praised his team owner's decision.
"When you have an ownership group that believes what it's going to take, then money is not an object. "It's a sign that [Gilbert] will do anything to help us go out there and perform."
The Cavs are now 3-1 in the NBA standings. They last played against the Philadelphia 76ers on Monday night, where they won with a score of 107-100.
