Monday, Jan. 3, 2005 | 10:55 a.m.
Gund strikes deal to sell Cavaliers
Detroit mortgage magnate Dan Gilbert has reached an agreement with owner Gordon Gund to buy the Cleveland Cavaliers, who have risen from the NBA's depths to unprecedented popularity since the arrival of star LeBron James.
Gilbert, founder of Quicken Loans, the nation's largest online mortgage company, will assume ownership of the Cavaliers and 20,000-seat Gund Arena once the deal is finalized by the league's board of governors.
Although financial terms of the purchase were not immediately known, Gilbert heads an ownership group that reportedly offered Gund $375 million. The price could be significantly lower since Gund, who along with his brother, George, bought the franchise from Ted Stepien in 1983 for $20 million, plans to keep a minority stake of the team.
However, Gilbert will be responsible for the club's day-to-day operations.
The Cavaliers are the fourth NBA team to be sold in the past year. The Phoenix Suns were bought by San Diego banking executive Robert Sarver in June for $401 million.
Gilbert said he has no plans to relocate the Cavaliers.
Russians oust U.S.
Anton Khudobin helped Russia set up a title-game showdown with Canada in the world junior championships, making 22 saves in a 7-2 semifinal victory against the defending champion United States in Grand Forks, N.D. Canada beat the Czech Republic 3-1 in the first semifinal.
Champs keep belts
Lorenzo Parra of Venezuela won a unanimous decision today in Tokyo against Trash Nakanuma to keep his WBA flyweight title. On the same card, American super flyweight Jose Navarro lost a split decision to WBC champion Katsushige Kawashima.
Gordon leads Dakar
NASCAR driver Robby Gordon reclaimed the overall lead today in the Dakar Rally with his second stage victory. He won the third leg of the race, a 76-mile run from Rabat to Agadir, Morocco.
Burress burglarized
Three men were charged with burglarizing the Pittsburgh home of Steelers wide receiver Plaxico Burress and taking nearly $63,000 in jewelry, cash and other items.
Durso dies
Longtime New York Times sports writer Joseph Durso died of cancer in New York. He was 80.
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