The owner of the Cleveland Cavaliers, Gordon Gund, has started talks to sell the franchise, which has seen its popularity explode since signing icon LeBron James – one of the most marketable figures in world sport.
The value of the deal being discussed with Michigan businessman Dan Gilbert – CEO of online retail mortgage firm Quicken Loans - is understood to be $375m. When Gund bought the team in 1983 he paid just $20m.
Gund said: “We are engaged in serious negotiations to sell the Cavaliers. A potential buyer is verifying information about the team. If matters go beyond this stage, we will enter into a formal contract subject to NBA approval.”
The NBA franchise which boasts one of basketball’s most famous names could be set for new owners.
