Dan Gilbert Acquires Gordon Gund’s Shares In Cleveland Cavaliers
April 15, 2021
Cavaliers owner Dan Gilbert has acquired the remaining minority share of Cleveland Cavaliers owned by former majority owner Gordon Gund.
In a statement, the team said: “Gordon will remain part of the Cavaliers family and we thank him greatly for his leadership, dedication and long-standing support of the franchise.”
Gilbert bought the team from the Gund family in 2005 for $375 million dollars. Under his ownership, the Cavaliers have played in five NBA Finals and won a championship in 2016. Gund and his family had owned the team for 22 years after acquiring it from controversial owner Ted Stepien.
“In 1983, Gordon Gund, along with his brother George, acquired majority ownership of the Cleveland Cavaliers. At the time, Gordon and George said: ‘The job now is to establish credibility with the fans. We believe the way to accomplish that is to build a contending team just as soon as possible.’
They did just that and, in the process, saved the team and NBA basketball in Northeast Ohio. The team returned to playoff action quickly in 1985 and the legendary teams of the early 90′s with Daugherty, Nance, Price and Williams would capture the well-earned admiration and love of a community and fans,” the team said.