Cavs Gilbert acquires minority share of former owner Gund
TOM WITHERS, AP Sports Writer
April 14, 2021
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CLEVELAND (AP) Cavaliers owner Dan Gilbert has acquired former owner Gordon Gund s remaining 15% minority share in the franchise.
Gilbert, who built much of his fortune through mortgage lending company Quicken Loans, acquired the Cavaliers from Gund in 2005 for a reported $375 million. On Wednesday, the team said in a statement that Gilbert now has Gund s final share.
“On a very personal level, Gordon was a dedicated and caring leader that brought integrity and civic pride to the forefront as an organizational imperative, while infusing a business acumen and team strategy that allowed the franchise to position itself well for the decades to come in downtown Cleveland,” the team said.
Dan Gilbert acquires former owner Gordon Gund s minority share of Cleveland Cavaliers
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