Tuesday , Mar , 01 , 2005 C.Y. Ellis

Cavs’ usher in new ownership; NBA approves sale of franchise

Cleveland, OH (Sports Network) – The NBA on Tuesday approved the purchase
of the Cleveland Cavaliers by mortgage guru Dan Gilbert, who is also chairman
and founder of Quicken Loans and home lender Rock Financial.

Along with the ownership of the club, the 42-year-old Gilbert, who becomes the
fourth owner in the 35-year history of the franchise, will also purchase Gund
Arena, where Cleveland plays all its home’s games.

“Ownership of the Cleveland Cavaliers is an honor and a privilege,” said
Gilbert. “It also entails a responsibility to the fans and the community. We
intend to have a positive impact on as many people as we can throughout
northeast Ohio.”

Gilbert is not alone in this new venture, as the new ownership group includes
— but is not limited to — David Katzman, who is Vice Chairman of Quicken
Loans and Managing Partner for Camelot Ventures, and Grammy-award winning
recording artist Usher Raymond IV, known in the music industry as “Usher”.

“I am excited about becoming part of this ownership group and this team,” said
Usher. “I will be actively involved with the Cavaliers on many levels,
including the game experience and our role in the community. I plan to spend a
lot of time with the Cavaliers and look for Cleveland to be my second
hometown. I know all the partners in the ownership group feel the same way.”

The ownership group also includes Gordon Gund, who retained a minority
ownership position, movie producer Gary Gilbert and several others.

The Cavaliers, who became the fourth NBA club to be sold in the past year,
have not made the postseason since 1997-98 but have been on the rise since
making high-school phenom LeBron James the No. 1 overall pick in the 2003

“Gordon Gund and the entire Cavaliers organization are to be commended for all
they have done across the region,” added Katzman. “They have put many years of
dedication and hard work into building a winning team and establishing the
solid foundation upon which we will continue to build.”

Gilbert failed in an attempt to buy the Milwaukee Brewers last year after
being outbid.