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Usher new part owner of the CAVS
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| Usher new part owner of the CAVS
- Click HERE to go to the original thread with graphics
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| koolest |
CLEVELAND (AP) - Detroit mortgage magnate Dan Gilbert assumed majority ownership of the Cleveland Cavaliers on Tuesday, taking over a once troubled NBA franchise saved by the play of LeBron James.
Gilbert has promised not to move the Cavaliers. The team's lease at Gund Arena runs through 2027.
Gilbert, who turned a $5,000 investment in the 1980s into an online banking empire, bought the Cavaliers for $375 million from Gordon Gund. Gilbert heads a principal ownership group that includes Grammy Award-winning R&B artist Usher; business partner David Katzman; and Gund, who will retain at least a 10 percent stake.
Gilbert, the 42-year-old founder of Quicken Loans, needed approval of only the NBA's board of governors to complete the transaction and take over day-to-day management of the team and operating rights to the 20,000-seat downtown arena. That consent finally came Tuesday.
"It's a privilege and honor to be the owner of the Cleveland Cavaliers," Gilbert said at a news conference also attended by Gund, Usher and Katzman. "We expect to build a world class organization here. Not just on the court, but everywhere."
In buying the Cavaliers, Gilbert has satisfied a sports craving that began during a childhood spent rooting for the Detroit Lions. Last year, he lost in an attempt to buy the Milwaukee Brewers.
His pursuit of the Cavaliers began last summer, shortly after James almost single-handedly rescued the club from financial hardship as a rookie by bringing fans back to Gund Arena and leading the Cavs to 35 wins - 18 more than the previous year.
Cleveland's jump of more than 6,000 fans per game was the largest turnaround in league history. Now, the Cavaliers are on the brink of getting back into the playoffs for the first time since 1998.
Gilbert said Usher would be involved in the entertainment aspect of the team and running its downtown arena, which also hosts concerts. Usher said he wanted to "turn this thing up a notch if we can." He said he will attend as many games as he can in Cleveland. He also told fans that he gets extremely emotional at games.
"I look for Cleveland to be my home away from home," he said.
Usher is the latest hip-hop star to add his name and clout to an NBA team. Nelly owns part of the expansion Charlotte Bobcats and Jay-Z has a stake in the New Jersey Nets.
During Monday night's game against San Antonio, Gund walked to center court and thanked fans for 22 years of support. He also told them they were getting an ownership group with good intentions.
Gilbert met with Cleveland players for the first time on Tuesday and gave them a glimpse of his vision of the team's future.
"There's a commitment to winning and making this a championship franchise," coach Paul Silas said. "And that's what everyone wants to hear." |
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| koolest |
| More & more people in the hip hop world are buying into teams...... |
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| LarryHorseLives |
Quote: Originally posted by koolest
CLEVELAND (AP) -
"I look for Cleveland to be my home away from home," he said.
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That is a really sad statement right there. Poor guy. |
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| michaelmurry |
thats fucking awsome finally these (exuse the term) Niggers are figuring out that spending your money on other things than self-surving materialistic items, is what you are supposed to do with wealth.
But seriously that is pretty smart. |
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| Prince |
| Albert Belle is also supposedly to be a owner too. |
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