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Want to Be LeBron’s Boss? 15% of Cavaliers Said to Be for Sale

  • Gordon Gund said selling his piece of the NBA franchise
  • Cleveland team controlled by Quicken Loans founder Dan Gilbert
LeBron James #23 of the Cleveland Cavaliers dunks in traffic against the Atlanta Hawks at the Quicken Loans Arena during the 2015 NBA Playoffs in Cleveland, Ohio, on May 24, 2015.

LeBron James #23 of the Cleveland Cavaliers dunks in traffic against the Atlanta Hawks at the Quicken Loans Arena during the 2015 NBA Playoffs in Cleveland, Ohio, on May 24, 2015.

Photographer: Jesse D. Garrabrant/NBAE via Getty Images

Billionaire venture capitalist Gordon Gund is selling his 15 percent stake in the Cleveland Cavaliers, who for the second year in a row are playing for the NBA championship, according to two people familiar with the situation.

The pro basketball franchise best known for four-time MVP LeBron James is worth about $1.1 billion, said valuations expert Peter Schwartz. The stake held by Gund, who owned the Cavaliers from 1983 to 2005, is worth as much as $160 million, said Schwartz, a presidential research scholar at New York University.