Cavaliers Vice Chair Jeff Cohen "is out," while Minority Owner Nate Forbes has lost influence with Owner Dan Gilbert and is "spending very little time on Cavs business," according to sources cited by Joe Vardon of the Cleveland PLAIN DEALER. Cohen and Forbes are "maintaining their small ownership stakes in the team right now." A source was "unaware of any immediate plans on Gilbert's part to buy either of them out." A source said that Cohen and Forbes "were 'extensions' of Gilbert within the Cavs ... offering input on major trades and organizational decisions presented to Gilbert" by GM David Griffin. The Cavs' two largest shareholders are Gilbert, who owns a majority, and former Majority Owner Gordon Gund, who is "not involved with Cavs decisions at all" (Cleveland PLAIN DEALER, 2/18).
MY NAME IS: In Cleveland, Troy Smith reported Gilbert's StockX, an online resale site for sneakers, recently closed a $6M round of financing from a list of investors that includes Eminem, Mark Wahlberg, Browns CB Joe Haden and several others. StockX is a "'stock market for sneakers' where prices for collectable kicks go up and down depending on their demand." Gilbert co-founded StockX with Josh Luber (CLEVELAND.com, 2/16).
