CLEVELAND — Representatives for Quicken Loans Arena officially announced that it is being renamed the Rocket Mortgage FieldHouse on Tuesday.
Watch video from the announcement in the video player above.
Representatives opened the news conference with a video animation showing the history of the arena, from the construction of the Cleveland Arena, to the Richfield Coliseum, to the Gund Arena, to the Quicken Loans Arena.
"This is a multi-year extension of our existing significant partnership between Quicken Loans and Rocket Mortgage, and a reflection of Rocket Mortgage's deep commitment to not only the Cavs and Cleveland, but also to Northeast Ohio overall," said Cavaliers CEO Len Komoroski at the news conference.
Owner Dan Gilbert, Cleveland Mayor Frank Jackson and general manager Koby Altman were among those in attendance.
Rocket Mortgage is the online mortgage arm of Quicken Loans which has drastically grown since it was launched in 2016. Gilbert believe the re-branding of the facility was right in more ways than one.
"When you think of rock, you think of the Rock and Roll Hall of Fame, you think about the basketball being a rock, you think about house - mortgage - did you catch that?" Gilbert knows changes aren't always welcomed but believes fans will adjust. "I think after time they'll probably be some kind of short nickname that takes place naturally and I think it will fit in perfectly with Cleveland Ohio for a lot of reasons."
Formerly known as “The Q,” the 19,000-seat arena, which hosted the Republican National Convention in 2016, was previously known as Gund Arena before Gilbert bought the building and team from Gordon Gund in 2005.
The building is currently undergoing a major renovation. The Cavs play their season finale on Tuesday against Charlotte.
The Associated Press contributed to this report.