WTAM1100 is reporting that Cleveland Cavaliers owner Gordon Gund is in serious negotiations with a Michigan based businessman relating to the sale of the franchise.

According to the news report Dan Gilbert, chairman and founder of Quicken Loans and Rock Financial, could purchase the team for upwards of $375 million with an announcement possibly to come as early as next week.

Gilbert in the past unsuccessfully attempted to purchase the Milwaukee Brewers and has now turned his attention to the Cavaliers.

Gund Thursday night released a statement confirming that the negotiations are taking place.

"We are engaged in serious negotiations to sell the Cleveland Cavaliers to a new principal owner,"  said Gund in the statement.

"A potential buyer is presently verifying information about the Cavaliers. If matters go forward beyond this stage, we will enter into a formal contract subject to NBA approval."

"Until there is an actual completed sale, we will continue to be responsible for the operations of both the Cleveland Cavaliers and Gund Arena."