Cleveland Cavaliers owner Dan Gilbert moved up to third place in Forbes magazine ranking of the richest owners in sports.
Forbes‘Sergei Klebnikov Noted that Gilbert’s wealth increased 699%, largely because his Rocket Companies started selling stocks last year.
“The biggest winner on the list this year, in terms of dollars and percentages, by far is Dan Gilbert, the billionaire mortgage mogul and owner of the NBA’s Cleveland Cavaliers,” Klebnikov wrote. “It’s worth about $ 51.9 billion, an increase of almost 700% from last year thanks to the company he co-founded in 1985, Quicken Loans. Now the largest mortgage lender in the United States, Quicken went public as the Rocket Companies at a massive $ 36 billion valuation in August 2020, catapulting Gilbert to the rank of the richest billionaires in the world. “
The only other NBA owner who sits above Gilbert is Steve Ballmer of the Los Angeles Clippers, who made most of his money with Microsoft.
While Gilbert has seen a big increase in his personal income, his personal health and the continuing woes of the Cavaliers have been major struggles.
Two years ago Gilbert suffered a major stroke and has been largely absent from the public during that time. Meanwhile, the Cavs struggled to improve after LeBron James left in 2018.
Many sports teams can struggle with limited funds from an owner, but that is obviously not the case with Gilbert.
Whether or not the Cavaliers can attract key free agents in the near future may depend on the performance of the team, as it is evident that Gilbert has the cash on hand to make a serious offer.