NBA Approves Purchase of Cleveland Cavaliers Basketball Team by Investor Group Led by Quicken Loans and Rock Financial Founder
Ownership Group Includes Grammy-Award Winning Artist Usher Raymond IV
Cleveland, Ohio, March 1, 2005 - The National Basketball Association (NBA) has approved the purchase of the Cleveland Cavaliers by an investor group led by Dan Gilbert, chairman and founder of Quicken Loans, the nation's largest online lender and Michigan-based home mortgage company Rock Financial. The thirty NBA owners unanimously approved the purchase, which was completed earlier today. Gilbert becomes the fourth owner in the 35-year history of the Cavaliers franchise.
In addition to Gilbert, the new ownership group includes (but is not limited to) David Katzman, Vice Chairman of Quicken Loans and Managing Partner for Camelot Ventures, and Grammy-award winning recording artist Usher Raymond IV.
"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."
"One way to do that is by winning," said Gilbert. "We will focus on excellence at all levels of the organization and do all we can to bring a championship home to Cleveland."
"Another way to have impact is through community outreach. We intend to be a leader in the NBA in community involvement," continued Gilbert. "We will include the entire organization in ways that contribute to the region's many areas of need."
"Gordon Gund and the entire Cavaliers organization are to be commended for all they have done across the region," said 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."
"We will look for fun and exciting ways to deliver the best fan experience in the NBA and to enhance the arena as one of the area's premier entertainment facilities. Usher is the 'ultimate entertainer' and will be assisting us in this area," said Katzman.
"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 home town. 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 (Garden State) and several others.