Dan Gilbert Rumors
Venture capital firm Courtside Ventures announced the close of its third fund Thursday, with $100 million coming from people including owners, athletes and industry executives. Courtside—which has previously invested in The Athletic, StockX and 100Thieves, and currently has investments in more than 80 companies—said it plans to find startups across sports, collectibles, wellness and gaming. It also expects to grow its international portfolio.
Courtside’s first fund came together in 2016, with Cleveland Cavaliers owner Dan Gilbert serving as one of two initial anchor investors. This time around, limited partners also include the ownership groups of the Atlanta Hawks, Golden State Warriors, Philadelphia 76ers, Charlotte Hornets and Monumental Sports. Larry Fitzgerald and Shaquille O’Neal are among the individual investors, while Dicks Sporting Goods is one of the public corporations to have invested in Fund III.
“I am thrilled and honored once again to be a formal part of the Cavaliers family,” Varejao said in a release from the team announcing the hire. “This is a unique opportunity to start a new chapter of my life with the team I love and in the city I love. I want to thank (chairman) Dan Gilbert, (president of basketball operations) Koby (Altman) and (Rock Entertainment Group and Rocket Mortgage FieldHouse CEO) Nic (Barlage) for welcoming me and my family back to Northeast Ohio with open arms. I am truly excited to be back here where it all started and contribute to growing the game of basketball in areas that hold a meaningful place in my heart.”
10 Nov 22
For a brief period, the teams thought they’d agreed on terms. The Nuggets would’ve received Love, the Pacers would’ve gotten prospect players including Gary Harris as well as multiple picks and the Cavs would’ve gotten George. A conference call was set up to finalize the terms, and George and James were potentially minutes away from being teammates, team sources said. But for various reasons, the deal fell apart when it came to getting final ownership approvals, which isn’t unusual on multiteam complex trades. A few days later, George was traded to the Oklahoma City Thunder for Domantas Sabonis and Victor Oladipo. James never extended his contract, and several weeks later, Irving asked for a trade out of Cleveland.
Before agreeing to a deal, Cavs owner Dan Gilbert held a call with James and agent Rich Paul, team sources said, to try to get a commitment for James to extend his contract if the team was willing to go all-in to get George. The framework of the trade included sending star Kevin Love and at least one future first-round pick out along with other players. James stopped short of outright committing past 2018, team sources said, but expressed great optimism about such a deal.