Teams/Central Division
Cleveland Cavaliers
Dan Gilbert, 64, founder of mortgage lender Rocket Companies, has been majority owner since 2005, when he paid a reported $375M. Forbes values the team at $5.5B, and it has had six principal owners since its founding in 1970.
Every owner since the start
- 2005 to todayDan Gilbert
Bought from Gordon Gund for a reported $375M. Gund kept a minority stake until April 2021, when Gilbert bought it: 15% according to the AP (Wikipedia says 10%). That price was not found.
- 1983 to 2005Gordon and George Gund
Bought with league help. They paid $20M for Ted Stepien's majority interest, his advertising company and a cable channel. The league also let them buy four extra first-round draft picks.
- 1980 to 1983Ted Stepien
Bought. Wikipedia says he paid $2M for 38% in 1980 and built that to 82%. The team lost about $15M and he threatened a move to Toronto.
- 1980Louis Mitchell, then Joe Zingale
Bought, according to Wikipedia. Mitchell bought Nick Mileti's shares and sold to Zingale, a minority owner. Price not found.
- 1970 to 1980Nick Mileti and partners
Founded. Wikipedia gives the expansion fee as $3.7M. It says Mileti sold his 20% in 1980 for $1.4M.
Value over time
- 12005 Dan Gilbert buys, $375M
Show the numbers
| Year | Forbes value |
|---|---|
| 1998 | $161M |
| 1999 | $170M |
| 2000 | $185M |
| 2002 | $202M |
| 2003 | $222M |
| 2004 | $298M |
| 2005 | $356M |
| 2007 | $455M |
| 2008 | $477M |
| 2009 | $476M |
| 2011 | $355M |
| 2012 | $329M |
| 2013 | $434M |
| 2014 | $515M |
| 2015 | $915M |
| 2016 | $1.1B |
| 2017 | $1.2B |
| 2018 | $1.32B |
| 2019 | $1.27B |
| 2020 | $1.51B |
| 2021 | $1.65B |
| 2022 | $2.05B |
| 2023 | $3.35B |
| 2024 | $3.95B |
| 2025 | $4.8B |
| 2026 | $5.5B |
| Year | Sale | Team valued at |
|---|---|---|
| 2005 | Dan Gilbert buys control from Gordon Gund for a reported $375M; Gund kept a minority stake until 2021 | $375M |
| 2026 | Blue Owl HomeCourt fund buys 5% to 10%; Sportico's source valued the team plus the 2028 WNBA team at about $5.5B | $5.5B |
Forbes valued the Cavaliers at $161M in 1998 and $5.5B in 2026, about 34.2 times as much. The biggest one-year jump was $1.3B, from $2.05B in 2022 to $3.35B in 2023, a 63% rise.
How the current owner bought it
- Gilbert bought from Gordon Gund in a deal announced on 3 January 2005 and closed on 1 March 2005.
- His partners in 2005 were his cousin David Katzman, the singer Usher and his brother Gary Gilbert.
- In 2025 Sportico reported that Gilbert had hired Allen & Company to explore selling up to 15%.
- On 6 July 2026 the Blue Owl HomeCourt Partners fund announced a minority investment in the Cavaliers and related assets.
Partners in the team
| Partner | Stake | Who they are |
|---|---|---|
| Blue Owl HomeCourt Partners | 5% to 10% on Sportico's reporting; terms not officially disclosed | A fund formed with the NBA in 2020; this is its sixth NBA holding. Sportico's source valued the Cavaliers plus Cleveland's WNBA team at about $5.5B. |
Other named minority owners are Gary Gilbert, singer Usher Raymond and Cleveland Browns player Myles Garrett, who joined in October 2023. Their stake sizes were not found.
How the team is run
- The team sits inside Rock Entertainment Group, whose chief executive is Nic Barlage. The group also operates Rocket Arena and holds the Cleveland Monsters hockey team and the Cleveland Charge of the NBA G League.
- Sports Illustrated reported that the 2025-26 Cavaliers had the highest payroll in the NBA.
- Cleveland.com reported in December 2025 that Gilbert was unhappy with a 15-14 start and was getting more involved. The team finished 52-30 and lost the conference finals 4-0 to the New York Knicks.
- A Cleveland WNBA team, awarded on 30 June 2025, is due to start at Rocket Arena in 2028.
Quick answers
Who owns the Cleveland Cavaliers?
Dan Gilbert, 64, founder of mortgage lender Rocket Companies, has been majority owner since 2005, when he paid a reported $375M.
How much are the Cleveland Cavaliers worth?
Forbes values the Cleveland Cavaliers at $5.5B in its October 2026 list, up 15% from $4.8B a year earlier. That makes them the 16th most valuable of the 30 teams; in 1998 Forbes put the team at $161M.
How much did the current owner pay for the Cavaliers?
$375M (Dan Gilbert, 2005). Forbes now values the team at about 15 times that price.
Who owned the Cleveland Cavaliers before the current owner?
Gordon and George Gund (1983 to 2005). Bought with league help. They paid $20M for Ted Stepien's majority interest, his advertising company and a cable channel. The league also let them buy four extra first-round draft picks.
Open questions
- Gilbert's exact percentage, the share his group bought in 2005 and how he financed it were not found.
- What the $375M covered beyond the team is not stated in the sources.
- The Blue Owl stake size and the $5.5B figure rest on one Sportico source.
- Wikipedia's dates for the four owners of 1980 conflict with each other.