According to The Ledger Detroit mortgage magnate Dan Gilbert and current Cavaliers owner Gordon Gund have reached an agreement for the sale of the Cleveland Cavaliers franchise.

Gilbert, founder of Quicken Loans, the nation's largest online mortgage company, will assume ownership of the Cavs and 20,000-seat Gund Arena once the deal is finalized by the league's board of governors.  

Gilbert heads an ownership group that reportedly offered Gund $375 million, but the final value could be significantly lower the article reports with Gund planning to keep a minority stake in the team.  Gilbert will be responsible for the club's day-to-day operations.

Gilbert said he has no plans to relocate the Cavaliers, a thought that had made Cleveland fans nervous when they heard Gund was selling the team.

``First, we will not be moving the Cleveland Cavaliers,'' Gilbert said. ``They will be staying put in downtown Cleveland - right where they belong."

"Second, we consider it an honor and a privilege to obtain ownership of the Cavaliers. A professional sports team has the responsibility to serve the community in which it resides. We will be reaching out in every way possible to the fans and community and intend to have a positive impact on as many people as we can."

``Third, 41 years is a long time to wait for a championship. We will be committed to the fans of Cleveland sports to be as passionate and energized as they are about finally bringing a title home. This will be our focus and goal and will remain so as long as we own this team.''

The Cavaliers are the fourth NBA team to be sold in the past year.