Cavs’ owner Dan Gilbert has no problem investing on the team

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According to the Cavaliers owner, he is spending a near-record amount on salaries and luxury taxes.

The team started near the end of last season, and the team has signed players for nearly $300 million in new contracts, including $113 million to Kevin Love, $82 million to Tristan Thompson and $47 million to LeBron James.

At this moment, Gilbert is willing to spend $175.6 million on payroll this season, this amount includes $65 million only on luxury taxes. That would be the second-highest spending numbers in league history, after the 2013-14 Brooklyn Nets, who spent $197 million, including tax.

“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,” Gilbert  before the Cavs victory the Miami Heat 102-92. “We’re investing for the future as well as the current.”

James is the only player that will be a free agent next summer, the  rest of the team is locked up for the next four seasons, because Kyrie Irving is starting a new extension he signed last year. According to Gilbert, this is one of the main reasons why he is spending so much on the team.

“These guys who are under these large contracts, that’s a core for four or five years,” Gilbert said. “That’s an eternity in this league. As we’ve seen with NBA franchises, that formula can work.”

James exalted Gilbert’s willingness to spend, “when you have an ownership group that believes what it’s going to take, then money is not an object,” James commented. “It’s a sign that [Gilbert] will do anything to help us go out there and perform.”

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