CLEVELAND, Ohio (92.3 The Fan) – Cavs owner and chairman Dan Gilbert has acquired the minority stake in the franchise held by Gordon Gund.
Gilbert purchased a majority stake in the franchise from Gund, who retained a 15% stake, in 2005 for $375 million.
“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 in a statement.
“Gordon will remain part of the Cavaliers family and we thank him greatly for his leadership, dedication and long-standing support of the franchise.”
Terms of the transaction announced Wednesday were not disclosed.
In February, Forbes estimated that the Cavs were worth $1.56 billion.
Gilbert is listed by the magazine as one of the richest owners in North American professional sports, and the second-richest NBA owner behind Steve Ballmer of the Clippers, after the mortgage company he founded, Rocket Companies, went public in 2020.
Gilbert owns and operates the Cavs, Cleveland Monsters of the AHL and Canton Charge of the NBA G-league in addition to his stake in Rocket Companies as well as other real estate ventures.
Under Gilbert's ownership, the Cavs have appeared in five NBA Finals and won the NBA championship in 2016. The Monsters also won the Calder Cup in 2016.