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

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 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 draft.

"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.