Dan Gilbert, the billionaire owner of the Cavaliers, said Wednesday he has donated $15 million to his alma mater, Michigan State.
Gilbert and several representatives of the Michigan State athletic department announced the gift from the lobby of a building Gilbert owns in Detroit. The money will provide the final funds needed to complete a $50 million remodel of Breslin Center, home of the Spartans basketball programs.
"We are honored to support the university," Gilbert said in a statement. "Coach [Tom] Izzo and [athletic director] Mark Hollis have built Spartan basketball into one of the nation's premier programs."
Some of the money also will benefit the school's resource center for persons with disabilities, as well as the Detroit Scholars Program.
The university approved renovation plans for the arena last October. They include general upgrades as well as expansions for a new weight room and facilities for student-athletes, an alumni locker room and a Tom Izzo Hall of History at the building's entrance. Construction for the project began earlier this year.