OAKLAND, CALIF.: Former Cavaliers majority owner Gordon Gund is selling his final 15 percent stake in the team, according to a Bloomberg report. Gund held onto a small percentage of the franchise after selling majority ownership to Dan Gilbert for $375 million in 2005.
Bloomberg estimated the Cavs’ value at $1.1 billion and projected Gund’s shares to be worth as much as $160 million. The Cavs would not comment on the report, but Warriors coach Steve Kerr still holds fond memories of Gund, 76. Kerr played for the Cavs when Gund was the majority owner.
“He was always a very gentle soul and very supportive of the players without being intrusive at all,” Kerr told the Beacon Journal.