George Gund III Rumors

Businessman, philanthropist and professional sports team owner George Gund III died Tuesday after a long battle with cancer. Gund, 75, had been undergoing cancer treatments the past 18 months. He died in Palm Springs, Calif. George, along with his brother Gordon, bought the Cavaliers basketball franchise from Ted Stepien in 1983 for $20 million. They sold the team in 2005 to Quicken Loans founder and billionaire Dan Gilbert in 2005.