NBA Approves Purchase of Cleveland Cavaliers Basketball Team by Investor Group Led by Quicken Loans Founder Dan Gilbert

Ownership Group Includes Grammy-Award Winning Artist Usher Raymond IV

Cleveland, Ohio – March 01, 2005 – The National Basketball Association (NBA) has approved the purchase of the Cleveland Cavaliers by an investor group led by Dan Gilbert, chairman and founder of Quicken Loans, the nation’s largest online lender and Michigan-based home mortgage company Rock Financial. The thirty NBA owners unanimously approved the purchase, which was completed earlier today. Gilbert becomes the fourth owner in the 35-year history of the Cavaliers franchise.

In addition to Gilbert, the new ownership group includes (but is not limited to) Grammy-award winning recording artist Usher Raymond IV.

“Ownership of the Cleveland Cavaliers is an honor and a privilege,” said Gilbert. “It also entails a responsibility to the fans and the community. We intend to have a positive impact on as many people as we can throughout northeast Ohio.”
“One way to do that is by winning,” said Gilbert. “We will focus on excellence at all levels of the organization and do all we can to bring a championship home to Cleveland.”

“Another way to have impact is through community outreach. We intend to be a leader in the NBA in community involvement,” continued Gilbert. “We will include the entire organization in ways that contribute to the region’s many areas of need.”

“I am excited about becoming part of this ownership group and this team,” said Usher. “I will be actively involved with the Cavaliers on many levels, including the game experience and our role in the community. I plan to spend a lot of time with the Cavaliers and look for Cleveland to be my second home town. I know all the partners in the ownership group feel the same way.”

The ownership group also includes Gordon Gund, who retained a minority ownership position, movie producer Gary Gilbert (Garden State) and several others.

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