<p>Detroit mortgage magnate Dan Gilbert assumed majority ownership of the Cleveland Cavaliers on Tuesday, taking over a once troubled NBA franchise saved by star forward LeBron James.</p><p>Gilbert, who turned a $5,000 investment in the 1980s into an online banking empire, bought the Cavaliers for $375 million from Gordon Gund. The 42-year-old Gilbert heads a principal ownership group that includes Atlanta-based Grammy Award-winning R&B artist Usher; business partner David Katzman; and Gund, who will retain at least a 10-percent stake.</p><p>Founder of Quicken Loans, Gilbert needed only approval of the NBA's board of governors to complete the transaction and take over day-to-day management of the team and the operating rights to the 20,000-seat downtown arena. That consent finally came on Tuesday.</p><p>"It's a privilege and honor to be the owner of the Cleveland Cavaliers," Gilbert said at a news conference also attended by Gund, Usher and Katzman. "We expect to build a world class organization here. Not just on the court, but everywhere."</p><p>Gilbert's pursuit of the Cavaliers began last summer, shortly after James almost single-handedly rescued the club from financial hardship as a rookie by bringing fans back to Gund Arena and leading the Cavs to 35 wins _ 18 more than the previous year.</p><p>Cleveland's jump of more than 6,000 fans per game was the largest turnaround in league history. Now, the Cavaliers are on the brink of getting back into the playoffs for the first time since 1998.</p><p>Gilbert said Usher would be involved in the entertainment aspect of the team and running its downtown arena, which also hosts concerts.</p><p>Usher said he wanted to "turn this thing up a notch if we can."</p><p>Usher said he will attend as many games as he can in Cleveland. He also told fans that gets extremely emotional at games.</p><p>"I look for Cleveland to be my home away from home," he said.</p><p>Gilbert met with Cleveland players for the first time on Tuesday and gave them a glimpse of his vision of the team's future.</p><p>"There's a commitment to winning and making this a championship franchise," coach Paul Silas said. "And that's what everyone wants to hear."</p>
