George Gund III, who along with brother Gordon helped save the NBA in Cleveland, has died in Palm Springs, Calif. George Gund was 75.
Gund had been undergoing cancer treatments the past 18 months.
He and his brother purchased the Cavaliers from Ted Stepien in 1983. The Cavs were a sports-wide laughing stock under Stepien, constantly changing coaches and making ridiculous trades. The Gund brothers purchased the team in 1983 and gave the city a franchise of which it could be proud.
George and Gordon Gund also spent time as owners of the old Cleveland Barons hockey team, as well as the NHL’s San Jose Sharks.
The Gunds purchased the Cavs for $20 million in 1983, and sold them to billionaire Dan Gilbert in 2005.