Cavs For Sale After Game One Loss

Former majority Cavs owner, Gordon Gund still owns 15 percent of the Cleveland Cavaliers and he's looking to sell, according to bloomberg.com.

It's not known if the Cavs' Game One loss in the NBA Finals to the Golden State Warriors played a role in Gund's decision to sell, but the value of his share will most certainly go up if the Cavs win the championship. Gund's 15 percent share is currently estimated to be worth $160 million.

Gund, along with his late brother, George sold their controlling interest in the Cavs to Dan Gilbert in 2005 for $375 million, the team is now worth around $1.1 billion, according to valuations expert Peter Schwartz. Gund retained 15 percent of the company as part of the deal, reports bloomberg.com.

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Whether or not Gilbert has the right to approve prospective buyers is not clear at this time. Per NBA rules, players cannot purchase a stake in a team and all sales must be approved by the NBA.

[Image credit: Michael Tipton, Creative Commons]