Gordon Gund To Sell 15 Percent Stake In Cavaliers

Gordon Gund will sell his 15 percent stake in the Cleveland Cavaliers.

Gund owned the franchise from 1983 until 2005 after purchasing the Cavaliers for $20 million.

Gund sold the Cavaliers to Dan Gilbert in 2005 for $375 million.

The Bloomberg report states the team is valuated at $1.1 billion and that price will only shoot up. Cuyahoga County is discussing a proposal in which the Cavaliers would split the $140 million cost of an expansion of Quicken Loans Arena to increase the building's square footage.