Dan Gilbert wants to remain the owner of the Cleveland Cavaliers, but he is ready to make a little more money off the team.
According to Scott Soshnick and Kurt Badenhausen of Sportico, Gilbert is hoping to sell a stake in the team.
“Cleveland Cavaliers owner Dan Gilbert is looking to sell a stake in his NBA franchise, according to a half-dozen sources who asked not to be named because the details are private. He has retained Allen & Company to explore selling up to 15% of the team, according to three of those sources,” per Soshnick and Badenhausen.
If this goes through, Gilbert will hold onto his majority stake in the team, which he has owned since 2005.
When he bought the team, it was worth $375 million, but nearly everyone believes that number has gone up a lot.
That means that this transaction could fetch him hundreds of millions or even billions.
Recently, the Boston Celtics sold for $6.1 billion, and the Los Angeles Lakers are going for $10 billion.
The Cavaliers aren’t as big as those teams, but they are surely worth more than $375 million now.
They just had an incredible regular season, and although they fell short in the playoffs, they are still one of the most promising and exciting teams in the NBA.
Gilbert is worth an estimated $32.1 billion, so he isn’t hurting for money.
But selling part of his ownership of the Cavaliers is a smart business decision and will make him more cash.
He won’t be going away, but Gilbert will own slightly less of the team.
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