CLEVELAND, March 1 (UPI) -- The NBA approved the purchase of the Cleveland Cavaliers by financial executive Dan Gilbert on Tuesday.
Gilbert, 42, is chairman and founder of Quicken Loans and Rock Financial.
Gilbert is the fourth owner in the 35-year history of the franchise. He also will purchase Gund Arena, where Cleveland plays all its home games.
The new ownership group also includes David Katzman, who is Vice Chairman of Quicken Loans and Managing Partner for Camelot Ventures, and recording artist Usher Raymond IV, known in the music industry as "Usher".
The ownership group also includes Gordon Gund, who retained a minority ownership position, movie producer Gary Gilbert and several others.
The Cavaliers, who became the fourth NBA club to be sold in the past year, have not made the postseason since 1997-98.
Gilbert attempted to buy the Milwaukee Brewers last year but was outbid.
