CLEVELAND (AP) – Cavaliers owner Dan Gilbert has acquired the remaining 15% minority stake in former owner Gordon Gund.
Gilbert, who built most of his fortune through Quicken Loans, acquired the Cavaliers from Gavd in 2005 for $ 375 million. The team said in a statement on Wednesday that Gilbert now has the final division of the Regiment.
“On a very personal level, Gordon was a dedicated, caring leader who brought honesty and civic pride to the forefront as an organizational imperative, while at the same time introducing a business skill-team strategy that allowed the franchise to position itself well for decades to come.” In downtown Cleveland, ”the team said.
“Gordon will remain part of the Cavaliers family. We thank him for his leadership, dedication and long-term support in building the privilege.”
Gund, 81, and his brother George Lorge bought the Cavaliers from Ted Stepien for $ 20 million in 1983.
According to Forbes, Gil Ilbert was recently ranked as the 23rd richest man in the world, with an estimated $ 51.9 billion.
Gilbert, 59, was recovering from a stroke two years ago.
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