The Cleveland Cavaliers are close to selling a 5% to 10% minority stake to Blue Owl, valuing the franchise and the upcoming WNBA team at $5.5 billion. Owner Dan Gilbert, who bought the team in 2005 for $375 million, will maintain his majority stake. The Cavaliers recently reached the Eastern Conference finals and have the highest payroll in the NBA at $217 million. Gilbert’s net worth is estimated at $30.6 billion, as he also owns other sports teams in Cleveland.
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Cavaliers Close to Selling Stake to Blue Owl for $5.5 Billion
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