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Cavaliers

George Gund III, Former Cavs Co-Owner Dead At 75

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A file photo of George Gund taken June 6, 2012 while attending the Sundance Institute Benefit presented by Tiffany & Co. in Los Angeles held at Soho House / (Photo by Michael Buckner/Getty Images For Sundance Institute Los Angeles)

A file photo of George Gund taken June 6, 2012 while attending the Sundance Institute Benefit presented by Tiffany & Co. in Los Angeles held at Soho House / (Photo by Michael Buckner/Getty Images For Sundance Institute Los Angeles)

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CLEVELAND (92.3 The Fan/AP) — George Gund III, the original owner of the NHL’s San Jose Sharks and former co-owner of the NBA’s Cleveland Cavaliers, has died. He was 75.

The Sharks say Gund died Tuesday after a battle with cancer.

Gund, along with his younger brother Gordon, purchased the Cavaliers from Ted Stepien in 1983 before selling the franchise to billionaire Dan Gilbert in 2005.

The Gund brothers saved basketball in Cleveland and helped turn the franchise around in the late 80′s and early 90′s before the team fell on hard times.

After the Cleveland Browns declined involvement in the Gateway instant payday loans project that included a new ballpark for the Cleveland Indians, the Gund brothers agreed to move the Cavaliers from the Coliseum in Richfield Ohio back downtown to what is now called Quicken Loans Arena.

The Cavaliers didn’t recover until they won the NBA Draft Lottery and the ability to select LeBron James with the top pick in 2003.

Sharks general manager Doug Wilson praised Gund as a great ambassador for hockey.

Gund and his brother Gordon relinquished their ownership stake in the Minnesota North Stars in 1990 in exchange for the rights to an expansion team in the Bay Area. The Sharks played their first game in October 1991.

Gund sold the franchise to Sharks Sports & Entertainment in 2002 but continued to attend games.

Gund also previously held ownership roles with the NHL’s California Golden Seals and Cleveland Barons.

(TM and Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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