CLEVELAND - The Cleveland Cavaliers will be sold to a group headed by Detroit mortgage magnate Dan Gilbert. <br>
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Current owner Gordon Gund confirmed the sales agreement in a statement he issued and said he would retain a minority ownership stake in the NBA team.<br>
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Terms of the agreement were not immediately known. Gilbert's group reportedly offered $375 million for the team, but the sale price is expected to be less with Gund retaining a minority share of the team.<br>
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Gilbert says he has no plans to relocate the team.
