Gordon Gund Rumors

Gordon Gund to sell share of Cavs

i_92_eb_1c_gordon_gund.jpg
Billionaire venture capitalist Gordon Gund is selling his 15 percent stake in the Cleveland Cavaliers, who for the second year in a row are playing for the NBA championship, according to two people familiar with the situation. The pro basketball franchise best known for four-time MVP LeBron James is worth about $1.1 billion, said valuations expert Peter Schwartz. The stake held by Gund, who owned the Cavaliers from 1983 to 2005, is worth as much as $160 million, said Schwartz, a presidential research scholar at New York University.