The Cleveland Cavaliers are a professional basketball team based in Cleveland, Ohio, USA. They compete in the National Basketball Association (NBA) as part of the Eastern Conference Central Division.
Founded in 1970, the Cavaliers are one of the most recognized teams in the NBA, known for their passionate fan base and memorable performances, including their historic 2016 NBA Championship victory.
The team is privately owned and plays its home games at Rocket Mortgage FieldHouse. As of 2025, the team’s CEO is Nic Barlage, and it continues to be a strong franchise under stable leadership.
Ownership Status of Cleveland Cavaliers
The Cleveland Cavaliers are privately owned, not publicly traded. This means there is no single public owner or stock listing; instead, ownership is controlled by a group of investors, led by a majority owner.
Major Shareholders
| Shareholder / Entity | Ownership Percentage | Notes |
|---|---|---|
| Dan Gilbert | Majority Owner | Purchased the Cavaliers in 2005 and remains the team’s principal owner and chairman. |
| Usher Raymond IV | Minority Owner | The well-known entertainer invested in the Cavaliers as a minority stakeholder. |
| Myles Garrett | Minority Owner (2023) | NFL player and star defensive end of the Cleveland Browns purchased a minority stake in 2023. |
Note: Remaining ownership stakes are held by smaller private investors and management partners.
Dan Gilbert
Dan Gilbert is an American entrepreneur and sports-team owner born on January 17, 1962 in a Detroit suburb. He is the founder and chairman of Rocket Companies (which includes Rocket Mortgage) and the umbrella holding company Rock Ventures. In addition, he serves as the majority owner and chairman of the Cleveland Cavaliers (NBA), having acquired the team in 2005.
Gilbert’s business activities span mortgage lending, real estate investment, sports franchises and urban redevelopment (especially in Detroit and Cleveland).
Dan Gilbert Net Worth
As of 2025, Dan Gilbert’s estimated net worth is reported at approximately US $23.7 billion, making him one of the richest individuals in Michigan and within the top global billionaires.
His wealth comes primarily from his founding and leadership of Rocket Companies, its successful listing (NYSE: RKT) and related real-estate and business ventures under Rock Ventures and Bedrock. Net-worth figures have varied significantly over time — for example, he was previously listed at up to US $46 billion around 2021.
Key Shareholder Highlights
- Dan Gilbert is the founder and chairman of Rocket Mortgage (formerly Quicken Loans).
He bought the Cleveland Cavaliers in March 2005, with the NBA approving the sale on March 1, 2005.
Under his leadership, the Cavs won their first-ever NBA Championship in 2016, led by LeBron James. - Gilbert also owns several sports and entertainment ventures under the Rock Entertainment Group, including the Cleveland Monsters (AHL) and Cleveland Charge (NBA G League).
- Usher Raymond IV, the famous R&B singer, joined as a minority owner shortly after Gilbert’s purchase, adding a celebrity presence to the ownership group.
- Myles Garrett’s minority investment in 2023 made headlines, further strengthening the connection between Cleveland’s professional sports franchises.
Recent Developments in Ownership
In April 2021, Dan Gilbert acquired the remaining minority stake previously owned by Gordon Gund, making Gilbert the sole controlling owner of the Cavaliers.
In 2023, Myles Garrett officially joined as a minority stakeholder, marking a significant development as an active athlete investing in a major NBA franchise.
These changes reflect Gilbert’s continued dominance and commitment to Cleveland’s basketball future while welcoming new investors who align with the team’s long-term vision.
FAQs
1. Who is the current owner of the Cleveland Cavaliers?
The majority owner of the Cleveland Cavaliers is Dan Gilbert, who controls the franchise through his company, Rock Entertainment Group.
2. Is the Cleveland Cavaliers team publicly traded or privately owned?
It is privately owned, meaning shares are not traded on any stock exchange.
3. Who founded the Cleveland Cavaliers?
The franchise was founded in 1970 by a group led by Nick Mileti, a Cleveland businessman and sports investor.
4. Has the ownership changed recently?
Yes. Dan Gilbert became the sole controlling owner after acquiring Gordon Gund’s stake in 2021, and Myles Garrett became a minority owner in 2023.
Cleveland Cavaliers Official Site
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