"We have now reached agreement on a contract to sell controlling interest in the Cleveland Cavaliers to an investor group led by Daniel Gilbert, Chairman and Founder of Quicken Loans and Michigan-based home lender Rock Financial. The only remaining step is NBA approval. Until league approval is completed we will continue to be responsible for the operations of both the Cleveland Cavaliers and Gund Arena. When control passes to Mr. Gilbert, I will become a minority shareholder. I am pleased that I will still be involved in this way because I have great confidence in him and also because I have great confidence in the future of both the Cleveland Cavaliers and Gund Arena and all the people who make the team and the building special."