Dan Gilbert has been a majority owner of the Cleveland Cavaliers since 2005. We take a deep dive into how his finances have skyrocketed.
Gilbert became the third-richest owner in all of sports in August last year. Rocket Companies was valued at an eye-popping $42.7 billion in August 2020. This sent Gilbert’s net worth soaring to a whopping $49 billion by the end of that month.
Rocket Companies was previously known as Quicken Loans, also the name sponsors for the Cavs’s stadium during their LeBron days. This company brands itself as a mortgage lending company and was founded in 1985.
— Pigeon Capital (@Pigeonomics) July 2, 2021
When did Dan Gilbert buy the Cleveland Cavaliers?
Gilbert bought the Ohio-based franchise from its previous owner Gordon Gund in March 2005. Gund was a beloved figure in Cleveland sports history, having rescued the Cavs from the doldrums of their Stepien days.
Despite the Gunds’ enthusiastic expenditure on keeping great players, the Cavs were unable to mount a title challenge. Thwarted by Michael Jordan and a stupidly competitive Eastern Conference, their 90s teams flamed out.
Did Dan Gilbert draft LeBron James?
No. The Cavs were previously owned by the Gunds, who drafted LeBron in the 2003 NBA Draft.
After Shawn Kemp’s departure, the Central Division team bottomed out, and they were successful in landing the no.1 pick in the 2003 NBA draft. And the Gunds changed the Cavs’ fortunes forever by drafting the Akron Hammer.
How is the relationship between Gilbert and LeBron today?
Dan Gilbert has been seared into NBA fans’ memories as a sore loser ever since his spiteful letter to James written in Comic Sans after LeBron decided to take his talents to South Beach.
But it seems that the relationship between the two moved on past its 2010 low when James re-signed with the Cavs in 2014. James played for 4 more years in Cleveland and Gilbert willingly made all the expenditure necessary for building and keeping together a championship-caliber roster.
Gilbert was also a lot more gracious the second time James decided to sign with a franchise other than Cleveland. His farewell letter in 2018 was a lot more filled with gratitude – understandable, given that James had brought the first championship to Ohio in 52 years.