CLEVELAND, Ohio (92.3 The Fan) – Cleveland Browns All-Pro defensive end Myles Garrett owns opposing left tackles.
He’s about to own a piece of the Cleveland Cavaliers too.
Garrett has finalized an agreement to purchase a minority stake in the NBA franchise the team announced Wednesday afternoon.
“I have admired the Cavaliers organization’s hard work, tenacity and dedication to the community since my early days in Cleveland,” Garrett said in a statement released by the Cavs. “To have the opportunity to join this impressive and purpose-filled franchise, under Dan [Gilbert's] leadership, is truly a dream come true.”
Selected first overall in the 2017 NFL Draft, Garrett is an avid basketball fan and is frequently spotted sitting courtside at Rocket Mortgage FieldHouse for Cavs games. He also played in the 2022 NBA All-Star Celebrity Game when Cleveland and the Cavs hosted the event.
It is unclear how much of the team the 27-year-old has acquired or whose shares he will now own. Shey Olaoshebikan of Klutch Sports Group negotiated the deal for Garrett.
“As a leader on and off the field, Myles has become a Cleveland icon and shares in our organization’s commitment to being a transformative force for good across the region,” Cavaliers chairman and majority owner Dan Gilbert said. “We are honored to welcome this long-time friend of the team as our new partner and investor. Myles’ passion and commitment to the city he loves will allow us to reach new communities and continue to build the successful future of this franchise.”
Garrett is in the second year of a five-year, $125 million contract extension he signed with the Browns in 2020.
Garrett recently restructured his contract that converted all but the veteran minimum of $1.165 million of his salary to a signing bonus for this season while adding two voidable years on the back end of the deal to lower his salary cap hit for 2023 and add additional cap roll over room for the club for 2024. His five-year rookie contract was worth $30.4 million.
Garrett isn’t the first member of the Browns to buy into the NBA.
The Haslam Sport Group, which owns and operates the Browns, purchased a 25% share of the Milwaukee Bucks earlier this year and are in line to become controlling governors of the team in the coming years.
In addition to the ownership share, Garrett will also serve as a ‘brand ambassador’ for the Cavs.
Gilbert purchased the Cavaliers, founded in 1970, in 2005 from the Gund family for a then-record $375 million. Forbes magazine's most recent valuation of the franchise in 2022 was $1.65 billion.