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Former Cavaliers Owner Gordon Gund Reportedly Selling 15% Stake In Team

Venture capitalist Gordon Gund "is selling" his 15% stake in the Cavaliers, according to sources cited by Scott Soshnick of BLOOMBERG NEWS. Peter Schwartz, an NYU researcher that specializes in pro sports team valuations, said that the team "is worth" about $1.1B. Schwartz said that the stake held by Gund, who owned the team from '83-05, "is worth as much as" $160M. Gund and his late brother, George, "sold their controlling interest in the team" to a group led by Quicken Loans Founder Dan Gilbert in '05 for about $375M. Gund retained his 15% stake "as part of the deal." It is "not clear whether Gilbert has the right to approve prospective buyers, as is often the case in limited partnership sales." Sources said that Gund "is represented" by BDT Capital Partners Managing Dir E. Robbie Robinson (BLOOMBERG NEWS, 6/3). 

LET'S MAKE A DEAL
: In Cleveland, Chris Haynes reported Cuyahoga County "is discussing a proposal in which the Cavaliers would split" the $140M cost of an expansion of Quicken Loans Arena "to increase the building's square footage." Multiple arena renovations "are projected with the team having placed a bid to host" the '18 NBA All-Star Game. The league "has made it known that improvements are in order if Cleveland wants to be considered for the event" (Cleveland PLAIN DEALER, 6/4).

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