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The Coliseum's real drawback was that the luxury suites, which generate much revenue, were at the uppermost level and as such were the worst seats in the house. Once plans for Gund Arena (now Quicken Loans Arena) in downtown Cleveland were announced in 1991, where the suites were much closer to the playing area, the Coliseum became economically obsolete.

After lying vacant for five years, the arena was torn down in 1999, and the arena and surrounding parking areas were allowed to be returned to woodland - which worked quite well given that the arena had been built off Interstate 271, which cuts through Cuyahoga Valley National Park.