CLEVELAND — Cleveland Cavaliers majority owner Dan Gilbert has acquired former majority owner Gordon Gund's shares of the team, according to a Cavs news release.
The Cavaliers released the following statement on Gilbert's acquisition:
"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 Cavaliers franchise also became one of the most respected in the league off-the-court under Gund stewardship, as the organization’s support of the community and charitable giving expanded greatly and Wayne Embry was named the first-ever Black team President in the NBA.
"On a very personal level, Gordon was a dedicated and caring leader that brought integrity and civic pride to the forefront as an organizational imperative, while infusing a business acumen and team strategy that allowed the franchise to position itself well for the decades to come in downtown Cleveland.
"Gordon’s remaining minority share in the franchise has been acquired by Cavs Chairman Dan Gilbert. Gordon will remain part of the Cavaliers family and we thank him greatly for his leadership, dedication and long-standing support of the franchise.”
Musician Usher still owns a minority share of the team.