Gordon Gund Rumors
The Cavs announced that chairman Dan Gilbert has acquired Gordon Gund’s remaining minority share in the franchise. In a statement, the team thanked Gund for his “leadership, dedication and long-standing support of the franchise” and said he would remain part of the Cavaliers family.
Terry Pluto: I don’t believe Gilbert is selling the team soon. As I recently reported, he actually has been buying up some very small investors. He now owns about 75 percent of the team, former Cavs majority owner Gordon Gund still has about 15 percent. The rest are with very small investors.
It wouldn’t be Keeping Up With The Kavs if we didn’t have a little ownership drama, now, would it? In the latest chapter of the dramatic operation that is the Cleveland Cavaliers, it’s been reported that owner Dan Gilbert is looking to sell his majority stake in the Cavs. This would be yet another incredible turn of events for the Cavaliers who seem to find new ways to get into the news cycle despite the fact they can’t win any games right now. Gilbert owns a majority stake in the Cavs while former majority owner Gordon Gund is the team’s second largest share holder.
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.