Gordon Gund, once the majority owner of the Cleveland Cavaliers, is selling his final 15 percent of the team, per Bloomberg. Gund, who along with his late brother George, purchased the team for $20 million in 1983 from Ted Stepien, sold the squad to Dan Gilbert in 2005 for $375 million.
Gund's 15 percent of the Cavaliers is reported to be worth $160 million, with the franchise overall now being worth $1.1 billion. The Bloomberg report indicates that it is unclear as to whether Dan Gilbert, as the majority owner, has the right to approve prospective buyers.
The Cavaliers neither confirmed nor denied the Bloomberg report, per Cleveland.com's Chris Haynes, classifying it as non-news for the time being.
If you're looking for a lesson here, it's that, if you can afford it, it's good to be an NBA owner in any capacity. These franchises continue to skyrocket in value to a pretty insane degree. Inflation aside, buying an asset for $20 million to potentially make a combined $535 million isn't too bad of a return on investment.