{"id":17116,"date":"2025-06-26T19:46:09","date_gmt":"2025-06-26T19:46:09","guid":{"rendered":"https:\/\/www.europesays.com\/us\/17116\/"},"modified":"2025-06-26T19:46:09","modified_gmt":"2025-06-26T19:46:09","slug":"gilbert-hires-bank-to-sell-franchise-stake","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/17116\/","title":{"rendered":"Gilbert Hires Bank to Sell Franchise Stake"},"content":{"rendered":"

\n\tCleveland Cavaliers<\/a> owner Dan Gilbert<\/a> 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.<\/p>\n

\n\tThe transaction could be in one parcel or to several individuals. Gilbert would retain his majority stake in the team he bought in 2005 for $375 million, which was a record at the time for a standalone NBA franchise. In December, Sportico valued the Cavs at $3.95 billion in its NBA team valuations<\/a>, which ranks 18th in the league.<\/p>\n

\n\tThe Cavaliers and Allen & Company declined requests to comment.<\/p>\n

\n\tNBA values have doubled over the past four years\u2014and are up 1,100% over the past 15 years\u2014to an average of $4.6 billion in December. To top that off, in the past three months, the Boston Celtics<\/a> ($6.1 billion) and Los Angeles Lakers<\/a> ($10 billion) reached agreements to sell their franchises at 8% and 24% premiums to Sportico\u2019s estimated values.<\/p>\n

\n\tThe Cavaliers are coming off their second-best regular season in franchise history. Their 64-18 record included a franchise-best 15-0 start to the season, and the win tally sits only behind the 66 victories during the 2008-09 campaign. Last month, the Indiana Pacers knocked them out of the playoffs in the Eastern Conference semifinals.<\/p>\n

\n\tThe Cavaliers are led by guard Donovan Mitchell, who was voted First-Team All-NBA this year, and Evan Mobley, who made the second team. Mitchell is under contract for the next two seasons, with a player option for 2027-28, while Mobley starts a five-year, $269 million deal next season, making the Cavs a substantial luxury taxpayer. The team last had to pay the luxury tax during the 2017-18 season, LeBron James<\/a>\u2019 last with the team before he joined the Lakers.<\/p>\n

\n\tDuring Gilbert\u2019s two decades as owner, the Cavaliers have made five NBA Finals\u2014largely on the back of James\u2014with the franchise\u2019s lone title coming in 2016.<\/p>\n

\t\t\t<\/p>\n

\t\t\t\t\t\t\"Cleveland<\/p>\n

\t\t\t<\/a><\/p>\n

\n\tLast year, Allen represented immersive media platform Cosm when it raised more than $250 million<\/a> from investors, including Gilbert. The bank was also retained to lead the WNBA\u2019s expansion process<\/a> for its 16th team, with a Cleveland bid from Gilbert one of the leading contenders to nab the slot.<\/p>\n

\n\tGilbert\u2019s sports assets sit within Rock Entertainment Group and also include the Cleveland Monsters in the AHL and Cleveland Charge in the NBA G League. REG also operates Rocket Arena, Cleveland Clinic Courts and Rock Entertainment Sports Network, a joint venture with Gray Media. In November, the company announced its plans to bid on the WNBA expansion franchise.<\/p>\n

\n\tGilbert made his first fortune in the mortgage business with Quicken Loans, which is now Rocket Mortgage. He has a net worth of $32.1 billion, according to Bloomberg.<\/p>\n","protected":false},"excerpt":{"rendered":"Cleveland Cavaliers owner Dan Gilbert is looking to sell a stake in his NBA franchise, according to a…\n","protected":false},"author":3,"featured_media":17117,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40],"tags":[16661,3128,16662,3363,1260,62,67,132,68],"class_list":{"0":"post-17116","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-nba","8":"tag-allen-co","9":"tag-cleveland-cavaliers","10":"tag-dan-gilbert","11":"tag-lebron-james","12":"tag-nba","13":"tag-sports","14":"tag-united-states","15":"tag-unitedstates","16":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/114751391864038458","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/17116","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=17116"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/17116\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/17117"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=17116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=17116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=17116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}