CLEVELAND -- George and Gordon Gund announced formal purchase of the Cleveland Cavaliers of the NBA Monday, promising to rebuild the team's credibility with the fans.
The Gunds said they bought the 82 percent interest in the team owned by Ted Stepien's Nationwide Advertising firm and immediately assumed full operational control.
As part of the deal, which was completed at the NBA Board of Governors meeting in Rosemont, Ill., the Cavaliers will receive first-round draft choices in 1983, 1984, 1985 and 1986. The team's first-round picks had been dealt away by Stepien.
The Gund brothers also hold a May 12 option to purchase Nationwide Advertising and said they expected to make an announcement regarding the option later this week.
'The job now is to establish credibility with the fans,' the brothers said in a joint statement. 'We believe the way to accomplish that is to build a contending team just as soon as possible.
'Without the draft concessions received today from the NBA Board of Governors, this would be an impossible task. The NBA has identified Northeast Ohio as a desirable basketball market and made it possible for us to face the future with confidence.'
Under a plan approved by the NBA, the Cavaliers will have the following first-round choices:
1983 -- As before the sale, the Cavs draft either 19th or 20th overall, depending on a coin toss between San Antonio and Phoenix. However, they also receive a bonus pick, number 24 overall, at the end of the first round.
1984 -- The Cavs will pick immediately after where they would have selected, but not better than 12th overall.
1985 -- The team picks immediately after where it would have selected, but not better than any team not making the playoffs.
1986 -- The team picks immediately after where it would have selected.
