Gund to sell Cavaliers?

<a href="http://sports.yahoo.com/nba/news;_ylc=X3oDMTBpZmFlcXBpBF9TAzk1ODYxOTQ4BHNlYwN" target="_blank">http://sports.yahoo.com/nba/news;_ylc=X3oD...ODYxOTQ4BHNlYwN 0aA--?slug=ap-cavalierssale&prov=ap&t ype=lgns</a>

"The Cleveland Cavaliers' owner is involved in ``serious'' negotiations to sell the franchise that has risen from the league's basement to unprecedented popularity since the arrival of star LeBron James.


Gund, who bought the Cavaliers in 1983 for $20 million, may soon sell them to Michigan businessman Dan Gilbert for a reported $375 million. The Cavaliers' turnaround began on May 22, 2003, when a pingpong ball bounced their way in the league's draft lottery and they won the rights to draft James.

With him, the Cavaliers have been soaring ever since.


On Thursday night, Gund released a statement saying the sale was possible.


``We are engaged in serious negotiations to sell the Cleveland Cavaliers to a new principal owner,'' Gund said. ``A potential buyer is presently verifying information about the Cavaliers. If matters go forward beyond this stage, we will enter into a formal contract subject to NBA approval.''


Team spokesman Tad Carper said the team would have no further comment.


Gund's statement was released as the Cavaliers were having their holiday party at a downtown music club."


If Gund sells the Cavs, they would be the fourth
team to be bought since January. If you add the
Atlanta Hawks ($250million), New Jersey Nets
($300million) and the Phoenix Suns ($401million),
then the current total amount of money spent on
NBA teams currently tops $950million. If you then
consider the $375million that Gund could get, the
total amount would top $1.3billion for the year.
That is big money, spent on aspiring teams.


Also, Gund could sell for ?375million, compared
to the $20million that he bought the Cavs for.
That makes a massive $355million profit from the
franchise. That would sound good to me.


Do y'all think he will sell? Should sell? Might sell?

EDIT - link fixed

 

I think the Cavs should stay in Cleaveland. Where else would they go? Cleaveland is a great place for them. Also you're in your franchise playes hometown. James is a great player but, there is some thing that makes you play better in your hometown. There is a special undescribable feeling playing for the place you love and grew up. Also all of you Cavs fans up in Cleaveland wouln't be able to really support them if they moved somewhere really far. I'm just looking out for you guys

 

I think even prior to drafting LeBron, Gund was looking to sell the team. He knew that by sucking throughout the entire 2002-2003 season, his team would get a good chance to get LeBron, who will undoubtedly rise the price of the team. And now that his team got him, and LeBron is developing into a superstar and turning this franchise into a contender, there's no better time to sell the team. I think Gund has been looking to do this, and now he's got the chance, he will do it.

 

where do u get 375 mil from?

 

<div class="quote_poster">Quote:</div><div class="quote_post">I think the Cavs should stay in Cleaveland. Where else would they go</div>

They aren't going to move anywhere, The Cavaliers have a lease with Gund Arena til 2027.

 

The Cavs won't go anywhere.. Its just not worth it.. we have a lease that would cost him 125 million and some more.. Plus James will be unhappy with it.. it just wont happen. Cleveland has bad luck but not that bad of luck.