Investor group led by Dan Gilbert to buy Cleveland Cavaliers.

Position:Business Alert - Brief Article

DAN GILBERT, CHAIRMAN AND FOUNDER OF Livonia, Michigan-based Quicken Loans Inc. and Rock Financial, is leading an investor group that has agreed to buy the Cleveland Cavaliers basketball team from current owner Gordon Gund. The deal is pending approval by the National Basketball Association (NBA).

Gund will retain a minority ownership position in the new ownership group, but will not have responsibility for day-to-day operations. According to Gilbert, the team will not move from Cleveland.

"Our background is building winning teams in the business world," said Gilbert. "Our philosophy centers around...

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