Gilbert's application for ownership needs to be approved by at least 23 of the league's 30 owners. Before a vote takes place, the league will do a background check on Gilbert, who has one indiscretion of note.
According to a story in the Lansing State Journal, Gilbert was arrested with three other students in 1981 on charges of operating a bookmaking ring at Michigan State that handled $114,000 in bets on football and basketball games.
Quicken Loans spokesperson Elizabeth Jones told the Associated Press that despite the arrest, all charges were dismissed and Gilbert's record is exemplary.
Gilbert heads a group of investors that will assume ownership of the Cavaliers and operational control of the 20,000-seat Gund Arena, if the league's board of governors approves the deal.
Gund and his brother George bought the team from Ted Stepien in 1983 for $20million.
Gilbert said he has no plans to relocate the Cavaliers. They have a lease agreement with the city that runs until 2027.
